German Sovereign
-
-
Guarantor: Federal State of North Rhine-Westphalia
-
-
Euro agencies favoured fives over the last seven days, as KfW smashed its order record and a pair of French agencies brought taps at sizes multiple times their target. With some SSA bankers saying conditions are the best they have ever seen, supply looks likely to keep coming. -
Several public sector borrowers tapped the socially responsible investment (SRI) market this week, with more deals expected in February, before what many analysts expect will be a record year for the asset class.
-
Concerns over the UK’s exit from the European Union, which have increased following Tuesday’s series of votes in parliament on the matter, will not affect demand for sterling SSA paper, according to bankers.
-
L-Bank’s first dollar benchmark of the year was in keeping with a trend in the currency so far this year for oversubscribed deals with low concessions, as leads calculated a 1bp new issue premium for the deal.
-
Nederlandse Waterschapsbank was over three times covered for a 10 year affordable housing bond on Wednesday, allowing it to tighten multiple times during pricing to leave no concession, according to on-looking bankers. Meanwhile, the State of North Rhine-Westphalia has appointed banks to arrange a roadshow in Europe and Asia for a long dated euro sustainability bond.
-
Kommunalbanken took advantage of being the sole SSA issuer in dollars on Tuesday as it was more than twice subscribed and tightened pricing on its first dollar benchmark of the year. Concerns over volatility from this week’s US Federal Open Market Committee meeting and non-farm payrolls kept some other issuers on the sidelines, said SSA bankers — although two are braving Wednesday’s market.
-
KfW brought yet another record breaking trade to the SSA market in 2019, printing a five year euro benchmark whose order book volume was an all-time high for the issuer.
-
NRW.Bank is preparing to issue its first Sonia-linked bond in 2019, joining several public sector borrowers that have made their first foray into the alternative sterling reference rate market this year.
-
CPPIB Capital and NRW.Bank brought well received 10 year euro green bonds on Monday, following the completion of their respective investor calls last week. Elsewhere, KfW has mandated for a euro benchmark in the five year part of the curve, having issued in the 10 year segment earlier in the month.
