KfW
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NRW.Bank will be the next public sector borrower to hit the sterling market following an improved funding cost in the currency versus euros and dollars. -
World Bank and KfW sold socially responsible bonds in Scandinavian currencies on Tuesday.
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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.
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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.
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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.
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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.
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This week's funding scorecard looks at the progress Europe's supranationals and agencies have made in their funding programmes in the middle of February.
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KfW is set to make a return to the Canadian dollar bond market on Tuesday, marking its first appearance in Maples since February 2019, when it sold a C$1bn three year.
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UK Export Finance, the UK's export credit agency, has provided its largest ever overseas infrastructure guarantee to support the construction of two new monorails in Egypt. JP Morgan is leading a group of commercial lenders in providing the funding.
