German Sovereign
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A trio of SSA issuers made moves to mop up short end dollar demand on Tuesday. NRW Bank printed a $1bn bond and two others mandated for deals. -
NRW.Bank has gone further out along the curve with a syndicated bond than it has for several years — and managed to find some new investors with its third green bond.
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Two SSA issuers kept it short and sweet in dollars during a fairly quiet market on Monday. One has opted for a long three year floater and the other a fixed rate 2017.
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A German agency could help push green bond issuance for the final three months of 2015 towards a record quarterly level, after mandating on Monday for a deal.
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Public sector borrowers have jumped on demand for Brazilian real notes with a flurry of medium term notes — and there is more in the pipeline, said niche currency and MTN bankers.
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L-Bank jumped on strong momentum in euros this week to print its first benchmark of the year in the currency. The five year note found no shortage of demand and drew the biggest order book the issuer has had since 2006.
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With the year's end fast approaching, SSA issuers are jostling for space after a summer blighted by volatility. Investors are rewarding pragmatic borrowers with large order books but it seems there is little room for opportunism.
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Three dollar issuers found no lack of demand at the short end when printing a trifecta of 2018s this week but tougher markets played into more defensive pricing strategies — at least in the early stages.
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Bank Nederlandse Gemeenten and KfW came together in the same currency and tenor on Tuesday, with both issuers able to find healthy demand.
