German Sovereign
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The two borrowers that closed out the first quarter with benchmarks have now been examined by the BondMarker voters. -
Sterling seemed to be the only game in town this week. Two SSA issuers printed in the currency on Wednesday, taking advantage of a favourable basis swap.
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Public sector borrowers are having to take a more cautious approach to their dollar issuance, as wide swap spreads and a disconnect between secondaries and primary clearing levels require a touch more concession. But while all agree on the treatment, there are differing views on how long the affliction will last, writes Craig McGlashan.
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KfW was set to price a $4bn three year global at the tight end of guidance with a comfortably oversubscribed book on Tuesday. But bankers said the concession offered was a sign of a changing pricing dynamic between issuers and investors.
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A single SSA benchmark is all bankers expect to emerge this week, as the market hunkers down to await the second quarter.
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New technologies are marching into the securities issuance process. This week came bids to shake up two very different kinds of private debt — traditional corporate Schuldscheine and funky structured notes.
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The sterling SSA market snapped back into life with a flurry of new deals after a quiet few weeks — although bankers lamented that the issuance door may have closed just as quickly as it opened.
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The potential end of eurozone quantitative easing may be leading to sleepless nights for some, but top tier SSAs are welcoming the slow return to historically normal rates. KfW this week sold its first five year euro benchmark with a positive yield in nearly three years, welcoming back investors that had gone elsewhere in search of return — and auguring well for future euro issuance from the sector.
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KfW built a towering book in the five year part of the euro curve on Wednesday with a deal that SSA bankers away from the trade said probably attracted heavy French demand. The agency’s choice of printing just €4bn from a book of over €8bn should ensure a tightening of its curve, they added.
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The German State of North-Rhine Westphalia came to market this week with its fourth sustainability bond. The bond is the issuer’s largest ever, narrowly outstripping several €2bn bonds at €2.025bn.
