German Sovereign
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SSAs enjoyed a fine week in the sterling market, raising a total of nearly £2bn as bankers pointed to several factors that could be driving demand. -
The euro market has, after a wobble in the first week, adjusted admirably to a new price level and got off to a spectacular start, providing record book sizes and smooth executions across the curve.
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Public sector borrowers are finding funding conditions beyond their wildest dreams, with not just last year’s staples of dollars, euros, sterling and Australian dollars on offer across the curve but the Canadian and New Zealand currencies coming into play too.
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Public sector issuers rounded out a superlative week for dollars with sparkling results across the curve on Thursday. Bankers are confident that issuers wishing to print in the coming weeks should find that investor demand outweighs any of the political concerns that brought volatility to rates over the last few days.
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The Inter-American Development Bank provided further proof on Wednesday that there is deep demand at the five year part of the dollar curve — but another supranational is stepping up to test the long end of the currency for the first time this year.
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The euro market is providing borrowers with superb execution — KfW gathered its largest ever book for a 10 year on Tuesday — but investors are requiring healthy new issue concessions in order to commit.
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KfW and Dexia Crédit Local are first out the blocks in what looks set to be a busy euro market for public sector borrowers this week.
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The sterling market had a healthy opening week in the public sector with three deals raising a combined £1.9bn, and there is plenty more in the pipeline, according to syndicate bankers.
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A pair of public sector borrowers blew away the cobwebs in the sterling market on Wednesday, printing a combined £1.5bn.
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Ireland is set to become the first SSA borrower of 2018 to print a syndicated bond, picking banks for a benchmark deal to be sold on Wednesday. The German state of Lower Saxony will also come to market on Wednesday.
