Euro
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A pair of German states, an agency and Pfandbrief issuer are all possible candidates -
Germany's poor economic growth is putting pressure on the federal states' finances
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No mention of sustainability in announcement of the new facility that will replace an existing RFC tied to greenhouse gas emissions
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Sharp shift in sentiment from start of week sees some companies planning deals
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◆ Revival of FRNs would be 'logical' ◆ Investor appetite for long-end ◆ Issuers must decide to lock or not
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◆ Smaller cover pools suppress funding needs ◆ Issuers consider benchmarks instead ◆ German and Austrian lenders provide bulk of supply
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German state has increased its funding target to €9.5bn from an initial €7bn-€9bn
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Market open and long end working well as drinks company pushes curve to 2053
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Supplementary budget could see €1bn-€2bn of additional borrowings later this year
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Deals can be done as long as pricing is reasonable, said bankers
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◆ Prefunding discussions to pick up in the autumn ◆ Elevated spreads are deterring supply ◆ US election will dictate demand
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Primary Market Monitor data from last January and August-September 2023 could give clue to market reopening later this month
