German Sovereign
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After another week of a super solid dollar market, public sector bankers are starting to refer to the currency as “darling” — and all the signs suggest that the relationship is set for an extended honeymoon. -
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The dollar market is set to remain the “darling” — in the words of one syndicate banker — currency in the coming weeks, after a trio of strong deals on Wednesday.
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A trio of issuers on Tuesday mandated for dollar deals across the shorter end of the curve, as underlying US Treasury yields stayed slightly elevated after last Friday’s meeting of central bankers in Jackson Hole.
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The State of North Rhine-Westphalia sold on Thursday the longest dated benchmark ever from a German state, in a move which may encourage other Laender to follow suit.
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Bank Nederlandse Gemeenten has tapped a June 2024 line, managing to print €400m despite offering a negative yield. Land NRW will sidestep the negative yield problem on Thursday by moving out the curve.
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A seemingly unstoppable flow of dollar issuance from public sector borrowers looks set to spill into next week, after a slightly undersubscribed deal early this week failed to dent sentiment for other trades.
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The euro market is braced for a difficult close to the year. Given the turbulent conditions expected, green bonds may come into their own.
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NRW.Bank will look to bring a euro green bond later this year, perhaps as soon as October, according to head of investor relations Frank Richter.
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A pair of public sector borrowers are set to join NRW.Bank in the dollar market this week, taking advantage of good conditions — and with perhaps one eye on the US presidential election in early November.
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NRW.Bank will on Tuesday become the latest public sector borrower to enter a super strong dollar market that shows no sign of shutting down for the summer, after the German agency mandated banks on Monday.
