German Sovereign
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Guarantor: Financial Market Stabilisation Fund of the Federal Republic of Germany
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A sell-off in eurozone government debt last week, over rumours that the European Central Bank might start tapering its quantitative easing programme, may have helped issuers bring more shorter dated deals in euros this week than have been possible for months — but some issuers are wary that more volatility could be ahead. -
The European Stability Mechanism is close to deciding on the format its first dollar benchmark will be printed in, while a deal due this Friday could open up to longer dated tenors what has already been an extremely strong dollar market in the three year part of the curve.
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FMS Wertmanagement became on Thursday the first public sector borrower since June to print a euro benchmark with a maturity below five years.
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Sweden on Thursday will bring the second three year dollar benchmark of the week, after a deal on Wednesday in the same tenor from KfW that was the biggest trade in the currency since July.
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Rentenbank tapped its new 10 year Kangaroo line for A$50m ($37.8m) on Tuesday. Attracting a mixture of Asian accounts, the agency's long dated paper pulled in a wide range of investors.
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KfW named on Tuesday the banks it has hired to lead a three year dollar trade, its first in the currency since August.
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Saxony-Anhalt increased the size of a new three year dollar deal on Wednesday after squeezing pricing tighter twice during two days of marketing.
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The London Stock Exchange this week moved to deflect a mounting list of European Commission concerns about its proposed merger with Deutsche Börse by saying it would consider selling off its LCH SA French clearing business.
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A hotly anticipated day of two central bank meetings failed to disrupt another good week for public sector borrowers in the dollar market, although the outcome of one of the meetings could have consequences for demand in the longer term, bankers warned.
