German Sovereign
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A pair of European agencies have increased their funding target ranges for 2018 as they prepare for the second half of the year. -
KfW is looking for an extra €5bn of funding this year, after raising its 2018 target as it printed its half year funding report.
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The State of North Rhine-Westphalia has launched its first ever 50 year benchmark, coming to market just as Bank Nederlandse Gemeenten landed at the short end.
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The State of North Rhine-Westphalia is set to bring its longest ever euro benchmark, as public sector borrowers line up trades across the currency’s curve.
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Guarantor: Federal State of North Rhine‑Westphalia
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France is set to revisit the SRI market, announcing a syndicated tap of its June 2039 Green OAT, or GrOAT. The deal will follow a German agency's annual green bond.
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KfW has hired a new head of government relations with a strong background in climate change and energy issues.
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The week began with that rarest of things in recent times, a welcoming political backdrop. It was marred, however, by monetary policy meetings from the two most important central banks in the world. While the US Federal Reserve’s second rate hike of the year was a foregone conclusion, it caused the dollar curve to flatten still further, making the euro market even more fertile funding territory than it has been for SSAs. But even so, euros had its own struggles this week, facing what one head of SSA syndicate called “one of the most important and unpredictable European Central Bank meetings for a long time”. Lewis McLellan reports.
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The European Central Bank announced on Thursday that it will bring its €2.5tr asset purchase programme to an end in December. However, the assertion that hikes to its deposit rate would not come before September 2019 lent the proceedings a dovish note.
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While borrowers crowded into the euro market on Tuesday, investors were reluctant to commit funds only two days ahead of a hotly anticipated European Central Bank meeting.
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SSA borrowers are streaming into the euro market, flooding the early part of the week with deals in an effort to secure funding before a slew of central bank meetings towards the end of the week.
