German Sovereign
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The Europe Investment Bank extended the euro short term rate (€STR) floating rate note curve on Wednesday with 2021’s first deal in the format.
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The State of Brandenburg failed to reach full subscription for a new 25 year trade on Wednesday as it priced at an exceptionally tight level to its secondary curve.
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The dollar market has moved from strength to strength this week, with six SSA borrowers benefitting from the superb conditions to slash spreads and offer minimal new issue concessions.
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KfW printed its first green bond in South African rand this week, reflecting the growth in demand for sustainable products outside of core currencies, according to a funding official at the agency.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, January 11. The source for secondary trading levels is ICE Data Services.
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A senior funding manager at KfW who was responsible for leading the borrower’s sterling and dollar deals, has left the German agency.
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MTN issuance out of Asia and Sweden provided some of the week’s bright spots in what was otherwise a quiet start to the year. With the public market now in full swing, bankers expect the private placement market to get up to speed in the coming weeks.
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State of North Rhine-Westphalia’s third and biggest century bond built an impressive order book in terms of size and number of accounts from a diverse range of investors this week, proving this niche part of the curve is increasingly popular with buyers.