German Sovereign
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Rentenbank has opened the 10 year part of the dollar curve to elite borrowers with a heavily oversubscribed trade. While the public markets have been in rare health, dollar issuance had, until Wednesday, been confined to the three and five year maturities for months.The last time an SSA borrower printed over $1bn of 10 year paper was, according to Dealogic, at the end of May when the Inter-American Development Bank sold $1.5bn with a 2% coupon. -
Two of this week's benchmark issuers are planning second trips to the capital markets for benchmark funding in the third quarter.
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The run of success for public sector borrowers continued on Wednesday, as strong demand and a high quality book allowed NRW.Bank to price flat to its curve.
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NRW.Bank will bring a no-grow $1bn three year dollar benchmark on Wednesday, after African Development Bank and Rentenbank on Tuesday comfortably raised dollars in longer tenors.
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A pair of public sector borrowers on Monday hit screens with mandates earlier in the day than usual, which bankers suggested was due to a desire to get ahead of other possible issuers.
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L-Bank will join the flood of dollar trades hitting screens this week on Thursday, after mandating four banks for a five year Reg S bond.
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KfW announced plans on Monday to return to the dollar market with a new three year benchmark.
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KfW’s got a tap over the line with a tight price on Tuesday, but required a significant push from joint lead managers to do so.
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A pair of European agencies tapped euro lines today in a recovering but still cautious SSA market.
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After reopening the post-Brexit dollar market with a $150m tap on June 23, Rentenbank is coming back for more, opening books for another tap to be priced on Tuesday.
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A pair of public sector borrowers on Monday joined the handful of issuers that have sold well subscribed taps since the UK voted on June 23 to leave the European Union. But there are growing hopes that the first new issue since Brexit could happen this week — in euros, at least.
