German Sovereign
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Two of Europe’s biggest issuers are relaunching the sterling market in the wake of the summer lull this week — including one that more than doubled its initial target. -
Kommunalbanken will bring a dollar benchmark in a defensive tenor on Wednesday, which a banker on the deal said is the perfect product for investors amid rising geopolitical tensions. The trade also offers an attractive spread over US Treasuries, the banker added, despite a tightening in swap spreads — although other bankers said that tightening meant larger issuers should consider longer dated deals.
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The SSA market leapt into life this week with multiple benchmarks hitting screens. While the backdrop was supportive, the narrow pick-up offered over US Treasuries appeared to be stunting demand.
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As the SSA market returns to life, two big name borrowers produced trades at the short end of the curve that underwhelmed some onlookers, prompting some syndicate bankers to speculate that there may be more fertile pastures further out the curve.
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Two SSA borrowers printed dollar benchmarks on Wednesday, pulling off solid trades in spite of some investors put off by tight spreads.
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Public sector borrowers are mainly keeping to the short end of the dollar curve this week, but at least one top tier issuer is understood to be considering a 10 year dollar benchmark in the next few weeks.
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Nederlandse Waterschapsbank brought some supply to the sparse long end of the SRI market on Tuesday, printing a trade that alongside Rentenbank was part of a strong re-emergence of euro supply after the summer.
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The euro market for public sector borrowers appears to be fully reopening after the summer break, with a pair of issuers bringing mandates in very different tenors. Both trades are likely to benefit from the lack of supply over the last few weeks, said bankers.
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The minutes of the European Central Bank's (ECB) July meeting revealed a new and optimistic tone on inflation, but caution on relaxing its accommodative measures.
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FMS Wertmanagement has printed its third deal of the summer, scooping up €1bn of short dated euro paper with an opportunistic trade.
