German Sovereign
-
Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, March 8. The source for secondary trading levels is ICE Data Services. -
-
Italy took orders of over €80bn for its first green BTP on Wednesday to become the latest sovereign to enter the green bond market. Germany was also in market, raising €3bn with its first 15 year deal via auction.
-
KfW rebooted the short end of the euro public sector bond market on Tuesday with a well subscribed trade which offered a modest new issue premium. The deal shared the euro SSA market with the State of Baden-Württemberg’s debut green bond.
-
Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, March 1. The source for secondary trading levels is ICE Data Services.
-
Four public sector borrowers announced new deals in the primary market on Monday ahead of the European Union’s much anticipated second transaction from its Support to mitigate Unemployment Risks in an Emergency programme this year, which is expected to arrive later in the week.
-
The rise in US Treasury yields has begun to sour. While at first it was hailed as an indication that investors were anticipating rapid economic recovery and stimulus-borne inflation, it seems now to have outstripped inflation expectations. The sell-off shows little sign of slowing, and if the volatility does not abate, primary markets could begin to suffer.
-
-
Two top tier SSA borrowers hit opposite ends of the curve on Wednesday. Asian Development Bank launched a trade at the 10 year tenor, braving a sharp sell-off in US Treasuries. KfW appeared at the short end of the curve where only a handful of borrowers have printed this year.
-
The State of Baden-Württemberg will be holding investor calls this week to introduce its new green bond framework ahead of a debut deal in the format.
-
The SSA sterling market had been deserted for two weeks thanks to a hostile cross-currency basis swap, but KfW returned on Thursday with a £500m tap.
-
Hamburger Hochbahn, the city public transport operator, made its bond market debut on Wednesday, slotting into the market neatly with a €500m 10 year green bond and a €3bn order book.
