German Sovereign
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KfW and Québec will bring Canadian dollar bonds to the market on Thursday, with the former looking to issue in the currency for the first time since 2015. -
KfW found plenty of appetite in the sterling market on Monday, allowing it to increase its target size during the book build for a tap, before printing an even larger size of £750m. FMS Wertmanagement will add to the sterling supply on Tuesday after picking banks for its second fixed rate benchmark in the currency this year.
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KfW set yet another landmark for a supranational and agency sterling market enjoying its best ever start to the year, as the German borrower drew a big book while placing the longest dated new issue of the year so far on Wednesday.
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The theme in the euro public sector market this week was large book sizes despite issuers paying very little concession, with Finland, the European Investment Bank (EIB), Madrid and the Joint Länder all keeping close to their curves.
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Italy passed a test at the long end of the curve with a final order book of over €41bn for a 30 year syndication on Wednesday — far surpassing its previous record book that was set only last month.
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KfW set yet another landmark for a supranational and agency sterling market enjoying its best ever start to the year, as the German borrower drew a big book while placing the longest dated new issue of the year so far on Wednesday.
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The UK Debt Management Office showed no effects from the ‘noisy UK environment’ to comfortably conclude its 2018/19 syndicated programme on Tuesday. KfW will add to the sterling SSA supply this week after picking banks for its third benchmark in the currency this year.
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Finland and Madrid hit screens on Monday to capitalise on the red hot appetite for euro sovereign supply in the 10 year part of the curve.
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Conditions for public sector dollar issuers held firm this week after an excellent start to the year, although deals were thinner on the ground thanks to a US Federal Open Market Committee meeting. Chinese New Year holidays next week will give the sector a much needed breather — after which three-years might move more into vogue than fives, said SSA bankers.
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