German Sovereign
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The State of North Rhine-Westphalia (Land NRW) hit screens on Monday to announce a long dated euro benchmark. -
Deutsche Börse’s CEO, Theodor Weimer, on Wednesday committed to greatly reducing the exchange group's structural costs by 2020 while doubling down on growth, technology and acquisitions.
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Bond market havoc following the Italian president’s decision to appoint a technocratic government has shut the euro market for most public sector borrowers. Volatile swap spreads are making issuance near impossible, while an “enormous” flattening in Italy’s curve is of particular concern for that sovereign, said one head of SSA syndicate.
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The political manoeuvrings in Italy’s path to being governed — as well as poor eurozone economic data — played havoc with rates this week, leading to SSA deals either paying higher new issue concessions, or falling short of subscription. More volatility could come, after the country’s president approved the likely coalition partners’ choice of prime minister but held back from appointing a eurosceptic economist to take charge of the country’s economy. Craig McGlashan reports.
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Dexia Crédit Local scored what leads said was a good result on Thursday as it brought a trade at the upper end of its size plans and tightened pricing during another volatile day for eurozone rates. KfW was also out in euros, with a tap, although it appeared to be more of a slow burner.
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The euro market got off to a fine start this week as a supranational rarely seen in euros appeared at five years and a mainstay of the market pulled off another successful trade. But later in the week, cracks began to show.
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A pair of euro borrowers hit screens at the short end of the euro curve on Thursday, but both failed to reach full subscription.
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A supranational dollar deal ran away with April’s top spot in BondMarker, outstripping the rest of the table by a good margin and clocking in as the third most highly rated deal of the year.
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The Dutch State Treasury Agency will clear its interest rate swaps at the clearing arm of German derivatives bourse Eurex, it was revealed on Tuesday.
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BondMarker voters scored three deals last week, including the European Financial Stability Facility’s last helping of funding for the second quarter and an arbitrage style trade by KfW. Read on to see how the deals were received.
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Sixteen banks have made the most concerted effort yet at defining how to do scenario analysis on climate change — the core risk management exercise called for by the Task Force on Climate-Related Financial Disclosures.
