German Sovereign
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A handful of deals could hit the euro market for public sector borrowers next week, with the seven year part of the curve looking particularly attractive — the latest evidence for which was a KfW trade this week. -
Nordic Investment Bank brought the tightest dollar benchmark from a public sector borrower in over a year on Tuesday, while the State of North Rhine-Westphalia was also able to grind in pricing with a dollar deal of its own.
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KfW brought a seven year euro benchmark on Tuesday that equalled for size a similar trade from fellow jumbo issuer European Investment Bank two weeks ago — but topped it for orders and spread.
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Public sector borrowers are piling into the dollar market at the start of the week, with a US Federal Reserve rate decision on Wednesday likely to shorten the issuance window.
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The Flemish Community of Belgium has announced that it will roadshow a euro syndication on September 26, while KfW has mandated three banks to sell a benchmark.
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Rentenbank updated its on-the-run 10 year Kangaroo year note on Wednesday, trying to keep Asian investors interested in this key area in the borrower's funding programme.
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HSH Finanzfonds printed its first ever public bond on Tuesday, attracting strong enough demand for two rounds of price tightening.
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Canada Pension Plan Investment Board will sell its first ever bond on Tuesday, and HSH Finanzfonds mandated what will be its longest dated bond ever.
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The sterling market for public sector borrowers woke from its summer slumber with a bang this week, as a series of issuers approached the currency in a variety of ways and for different reasons.
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KfW this week added its name to a run of offshore renminbi issuers over the last few weeks, with investors appearing to be keen for paper that can offer a yield of over 3%.
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KfW has printed a large MTN in Norwegian kroner, as bankers reported an uptick in international investors betting on a rise in the currency.
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FMS Wertmanagement’s Jens Remmers is taking on a new position within the German agency’s group, becoming treasurer of Depfa Bank.
