KfW
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The public sector dollar market is showing a few signs of life this week as KfW and the European Bank for Reconstruction and Development picked banks for benchmarks, while the Bank of England launched its annual foray in the currency. -
The scores are in. See how market participants rated KfW's €5bn 10 year, Alberta's sterling debut and EAA's $1bn two year.
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After a tumultuous week of blowouts and recoveries in European government bond spreads, this week is looking more settled and healthy. However, the feverish pace of issuance has also abated.
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KfW sold its second euro benchmark of the year on Tuesday, scoring €5bn at the difficult 10 year area of the curve in what a banker away from the trade called “a positive sign for the market”.
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KfW announced on Monday that it would sell a 10 year euro benchmark on Tuesday. But the breakneck pace of public sector issuance since the start of the year is expected to slacken this week.
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SSA bankers are gearing themselves up for another round of dollar supply next week after the currency’s record breaking January. Buoyant conditions even allowed one issuer to bring a bulky benchmark, despite this week’s public holidays in Asia.
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This week's funding scorecard looks at the progress European supranationals and agencies have made during the first three weeks of the year.
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KfW has invested more money in Frontclear, an organisation which offers guarantees to help clear emerging market and frontier market trades, boosting access to international interbank markets.
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The pipeline for euro issuance is filling up once again as the European Investment Bank looks to raise funds at 10 years, although a deal from KfW on Tuesday appeared to struggle to reach €1bn.
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More dollar deals are expected next week following a searing few days for trades in the currency, but despite bumper books and deal sizes, some in the market feel there is still some price discovery work to do. Meanwhile, US president-elect Donald Trump made his presence felt on the issuance calendar.
