German Sovereign
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German banks have completed the first Schuldschein issue with an independent counterparty on the new Finledger blockchain platform. The entire transaction happened on a paperless basis. -
BlackRock is bearish on the prospects of the government bond market in 2020, thanks to the exhaustion of monetary policy as a means of generating growth. Instead, the world’s largest asset manager is looking to move deeper into riskier assets such as emerging markets where there is still room for further easing.
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GlobalCapital understands that Germany is finalising plans for the issuance of its debut green bond, which will be sold in the first half of next year alongside an ordinary Bund with the same maturity and coupon.
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Perhaps the last two public sector bond benchmark issues of the year hit screens in euros this week and, judging by their reception, the market is closing right on time.
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Rentenbank raised €1bn of 10 year cash on Wednesday. The deal did not reach full subscription and the leads were unable tighten the spread from guidance, thanks to a rates sell-off affecting demand from Asia.
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Investors showed some price sensitivity when confronted with the State of North Rhine Westphalia’s (Land NRW) dual tranche sustainable offering on Wednesday. Nevertheless, compatriot issuer Rentenbank will add to euro SSA supply this week after mandating banks for a new 10 year benchmark.
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The State of North Rhine Westphalia (Land NRW) was the only public sector borrower to announce a euro benchmark transaction on Monday, as it appointed banks to lead new 10 and 20 year sustainability bonds.
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All maturities are open for deals in the euro market, thanks to a widening in benchmark spreads over the past few weeks. SSA issuers are taking advantage of the conditions by issuing in a range of tenors.
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KfW returned to Polish zloty issuance last Friday after a 13 year absence from the market, as it looks to tap new sources of capital.
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KfW’s first €STR bond hit the market on Wednesday. Although the German agency managed a tighter price than EIB’s first note in the format, it was not able to drum up the same level of demand.
