German Sovereign
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Land Berlin saw orderbooks swell to around four times the size of its €500m no-grow trade on Tuesday, with leads saying the 15 year maturity is the sweet spot to attract bank treasuries. -
The State of North-Rhine Westphalia increased the size of its century bond through syndication again last Friday, having tapped the bond only three days before.
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The State of North Rhine Westphalia took centre stage in a quiet euro public sector market this week with a syndicated increase of its century bond.
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The State of North-Rhine Westphalia received a rapturous reception from investors for the syndicated reopening of its century bond on Tuesday, allowing it to print over five times the initial target size.
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The State of North-Rhine Westphalia sold its first century bond on Thursday via the private placement market, and is open to the possibility of bringing a syndicated deal in the tenor.
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The African Development Bank sold a 10 year benchmark in euros on Thursday that bankers said priced through fair value. Land Schleswig-Holstein was also in the market for the same tenor that extended its curve to 2029.
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Public sector borrowers in the euro SSA market received strong demand in both the short and long ends of the curve on Tuesday. KfW took advantage of the blistering conditions to sell its first euro benchmark with a three year maturity since 2015, while Société du Grand Paris (SGP) sold its biggest ever bond.
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Société du Grand Paris (SGP) mandated banks on Monday for its second benchmark green bond, following its debut last October. Meanwhile, KfW hit screens for a long three year benchmark, the agency’s third benchmark in euros this year.
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KfW sold a tap in sterling on Monday with lead managers maintaining that the choice of an intraday execution was “key” ahead of a vote in UK parliament on prime minister Theresa May’s revised Brexit deal.
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The Asian Development Bank broke two records on Thursday as it printed its biggest sterling deal to date and took non-UK SSA issuance in the currency to a record level for a half year. Supply is likely to take a breather next week owing to some crucial Brexit votes in the UK Parliament, but SSA bankers are confident the market will not take long to spark back into life.
