German Sovereign
-
A smaller than typical seven year euro benchmark for KfW on Tuesday underlined how difficult execution in euros has become for public sector borrowers. -
A trio of SSA issuers are set to pepper the euro curve on Tuesday, despite waves of volatility engulfing the market over the past few weeks.
-
-
Germany showed six years away from syndications had not left it rusty on Tuesday, as it aced a €2.5bn April 2046 that extended its inflation linked curve by 15 years.
-
A first syndication from Germany since 2009 could be a reality this week — although syndicate managers on the mandate are still weighing up the health of the euro market.
-
The Finanzagentur is set to make its first appearance in syndicated format since 2009 with a 30 year inflation linker that will extend the sovereign’s inflation linked curve.
-
Traders say they are optimistic that approaching Greece debt talks and the iTraxx index May options expiring next week will help return direction to the credit market, which has been locked in the thrall of the Bund blowout since the end of April.
-
Sweden priced an oversubscribed $2.25bn three year on Wednesday while a German state attracted strong demand to its debut in the currency.
-
Greece’s yields went spiralling into orbit on Tuesday ahead of an auction of the country’s short term debt on Wednesday, with the yield on its five year comeback syndication from earlier this year reaching its highest level yet.
-
United Internet, the German internet services provider, allocated a €600m Schuldschein issue today. The investors were German and international commercial banks and German savings banks.
-
Thursday was a busy day for European investment grade corporate bonds, with €4.9bn issued in euros and sterling. But with a great deal of diversity of issuers, maturities and currencies, the market had more appetite for some than for others.
-
Three issuers from France, Belgium and Germany raised €2.5bn in the covered bond market this week, and another €1bn transaction was expected from a Finnish issuer on Friday. The deals were all remarkable for the fact that the funding levels set new records for all issuers as the ECB’s allocation continued to grow, squeezing out other investors.
