German Sovereign
-
NRW.Bank is taking indications of interest on a five year benchmark trade, though syndicate bankers still expect there to be a fizzle rather than a bang of SSA dollar issuance this week. -
Investors brushed off the coronation of a new pro-Brexit prime minister in the UK on Tuesday to pile into a KfW trade and set a new size record for the sterling SSA green bond market.
-
The State of North Rhine Westphalia was flooded with demand for its 30 year euro benchmark on Tuesday as investors braced for the European Central Bank's meeting on Thursday, in which it is expected to lay the groundwork for a rate cut in September.
-
KfW picked banks on Monday for its first green bond in sterling since July 2015, as it increases the volume of its green bonds under its new framework.
-
The State of North Rhine Westphalia mandated banks on Monday for a 30 year euro benchmark, ahead of a highly anticipated European Central Bank meeting later in the week, in which analysts expect the central bank to hint at a rate cut in September.
-
-
-
Yields across asset classes plumbed ever lower depths this week but investors were still forced to participate in deals as cash floods into fixed income funds. Now market participants have questioned whether the coming round of likely rate cuts will reveal the limits of investor tolerance. Lewis McLellan, Burhan Khadbai and Bill Thornhill report.
-
Austrian agency Asfinag won a big order book on Tuesday, allowing it to price 3bp tighter than guidance, in a 10 year tenor the issuer hasn't accessed since 2009. Municipality Finance and the German federal state of Lower Saxony will add to the euro SSA supply on Wednesday with a 10 year green bond and a seven year benchmark, respectively.
-
KfW restarted the sterling SSA bond market on Monday, with the first public deal since early June. The German agency found good demand, allowing it to print a size above its minimum target.
-
-
Rentenbank failed to achieve subscription for its €500m 10 year trade on Tuesday, despite offering a positive yield and a maturity that has been labelled the ‘sweet spot’ in the euro public sector bond market.
