German Sovereign
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data. -
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KfW opened the door for dollar issuers after a quiet few weeks in the currency, although the issuer — and SFIL, which followed it — had to navigate some price discovery after last week’s Italy-led volatility.
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Public sector borrowers had one of their busiest weeks of the year in sterling, with a supranational trade in particular getting a strong reception. More could follow next week, with demand strong from Asian investors, said bankers.
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NRW.Bank is preparing the next line in its green bond offering and hired banks on Thursday to run investor meetings next week.
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The Federal State of Berlin printed a 15 year trade on Wednesday — its first €1bn bond since 2015, according to Dealogic. The trade was joined by a five year from Corporación Andina de Fomento.
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KfW reopened the public sector dollar market on Wednesday by picking up a hefty $4bn from a well oversubscribed book. Société de Financement Local will be next up, after mandating banks for a trade.
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KfW will bring what bankers say will be the first “real jumbo test” for the market since a wave of Italy-led volatility hit bonds last week.
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Rentenbank on Tuesday sold what Dealogic data shows is its largest ever euro benchmark, while the State of North Rhine Westphalia visited the long end of the curve.
