KfW
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The dollar market was on spectacular form on Wednesday, with a Canadian province pushing out a rare 10 year bond, a supranational smashing its size record and a $4bn five year from a German agency. -
German government-owned development bank KfW has entered into an agreement with Eurex Clearing that will see its euro denominated interest rate swaps cleared by the Frankfurt central counterparty.
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Public sector borrowers are lining up a three pronged attack on Wednesday in a dollar market that is enjoying its widest swap spreads of the year. Quebec is attempting the first 10 year dollar benchmark since the first week of the year, KfW is out in fives — a part of the curve that has also become attractive in euros — and the Inter-American Development Bank is coming at the short end.
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A higher than expected UK inflation rate led to a sell-off in Gilts this week, a move that may put an end to what has been a remarkable run of traffic in sterling SSA bond issuance.
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The International Finance Corp could use the Kangaroo market to expand its burgeoning green bond programme.
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The European Investment Bank and KfW on Wednesday tapped the long end amid an otherwise quiet euro market.
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KfW launched a £300m tap of a December 2019 line on Wednesday, pulling in over £350m of orders in spite of sharp swings in the strength of the currency.
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Public sector borrowers will take a pause from primary this week as they dodge possible volatility during a week riddled with political and economic risk events in three major currencies.
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This week's funding scorecard looks at the progress European supranationals and agencies have made during the first two months of the year.
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Shipping loans are already a problem asset class for many banks, but lenders are risking further problems by failing to do proper due diligence on how the shipping fleet will cope with decarbonisation, experts believe.
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