KfW
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BMW returned to the Norwegian krone on Wednesday after a two year absence. The market has become more attractive for European issuers as the currency and FX swap levels recover after a period of unstable oil prices. -
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The European Stability Mechanism is close to deciding on the format its first dollar benchmark will be printed in, while a deal due this Friday could open up to longer dated tenors what has already been an extremely strong dollar market in the three year part of the curve.
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Sweden on Thursday will bring the second three year dollar benchmark of the week, after a deal on Wednesday in the same tenor from KfW that was the biggest trade in the currency since July.
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KfW named on Tuesday the banks it has hired to lead a three year dollar trade, its first in the currency since August.
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A hotly anticipated day of two central bank meetings failed to disrupt another good week for public sector borrowers in the dollar market, although the outcome of one of the meetings could have consequences for demand in the longer term, bankers warned.
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A handful of deals could hit the euro market for public sector borrowers next week, with the seven year part of the curve looking particularly attractive — the latest evidence for which was a KfW trade this week.
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KfW brought a seven year euro benchmark on Tuesday that equalled for size a similar trade from fellow jumbo issuer European Investment Bank two weeks ago — but topped it for orders and spread.
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The Flemish Community of Belgium has announced that it will roadshow a euro syndication on September 26, while KfW has mandated three banks to sell a benchmark.
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This week's funding scorecard looks at the progress European supranationals and agencies have made with their funding programmes.
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The sterling market for public sector borrowers woke from its summer slumber with a bang this week, as a series of issuers approached the currency in a variety of ways and for different reasons.
