German Sovereign
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Guarantor: Financial Market Stabilisation Fund of the Federal Republic of Germany
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FMS Wertmanagement was this week the latest public sector issuer to enjoy enviable conditions in the dollar market, and after a US Federal Reserve meeting this week passed without any major surprises more borrowers are rumoured to be looking at trades for next week. -
NRW.Bank announced on Wednesday that it will go on the road at the end of August to market its fifth green bond.
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FMS Wertmanagement nipped into a quiet dollar market on Tuesday, pricing a five year global benchmark flat to its curve after taking the unusual step of jumping 2bp from opening guidance in one step.
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FMS Wertmanagement came shooting out the blocks on Monday with an early mandate for a global benchmark. The issuer has opted for a five year, with banks on the trade citing strong investor appetite for dollar paper at that point of the curve.
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Public sector issuers are enjoying a rare time in dollars, with a lack of supply and strong demand allowing tightly priced short end deals — leading one syndicate official to respond to a question on pricing concessions with: “New issue what?” But hopes of longer end issuance appear dashed as US yields fall as quickly as expectations that US president Donald Trump will deliver on his pro-growth policies.
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KfW printed a €1bn tap of a July 2022 line on Wednesday, sneaking in a deal ahead of the European Central Bank meeting on Thursday.
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Sweden on Tuesday printed a dollar benchmark at one of the tightest spreads to mid-swaps from a public sector issuer this year, as a Canadian province prepared to bring a deal in the currency further out the curve.
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A pair of public sector issuers look set to benefit from supply-starved dollar investors, after mandating on Monday for deals at the very short end of the curve.
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The European Financial Stability Facility is set to enjoy enviable conditions when it comes to the euro market next week — during which the Greek sovereign could also make an appearance. Demand at the long end has been particularly strong due to a yield spike last week, which KfW and SCNF Réseau have since taken advantage of.
