German Sovereign
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The euro market for public sector borrowers repoened on Tuesday as a pair of issuers took advantage of calmer conditions since the US election on November 8 to raise nearly €2bn in total — both paying small new issue premiums. -
KfW was able to increase from its original size target and tighten pricing on Tuesday with the first public sector dollar bond of over $1bn since the election of Donald Trump as US president.
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FMO is set to raise a minimum of Skr500m ($54.25m) with a seven year sustainability bond on Tuesday, while KfW plans to bring a dollar green bond.
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As the end of 2016 approaches, borrowers are turning to the green market for their remaining funding, with a pair of SSA borrowers returning to the syndicated market for socially responsible investment products on Thursday.
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Public sector borrowers have hardly skipped a beat in the wake of Donald Trump’s election victory, getting back on track with an NRW.Bank green bond mandate hitting screens on Wednesday.
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A fourth issuer of the week has broken its record for longest dated syndication ever, while the European Financial Stability Facility wrapped up its 2016 needs with a trade that looked almost short end by comparison to the rest of the week’s euro supply.
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The European Bank for Reconstruction and Development is set to test the five year part of the dollar curve — a tenor not attempted by many issuers over the last few weeks — as a French issuer opted for the tried and tested three year maturity and a German agency was able to increase a deal at that tenor from its target size.
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Austria is looking to stretch its curve to hitherto untapped lengths, as it mulls a 70 year euro benchmark. Also seeking duration, Rentenbank pushed out its curve, printing a bond at 20 years for the first time ever.
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Erste Abwicklungsanstalt has hired banks to run its first benchmark since June and its first in dollars since March.
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