KfW
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Hospitality business Genting Hong Kong, which operates cruise liners, has signed a $500m borrowing to refinance debt taken for funding six vessels. -
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Forget Christmas; it could be all over by Labour Day in the public sector bond market. An open issuance window so vast and glorious it could grace the Vatican, a menacing looking autumn, and minimal borrowing left to do mean issuers may complete funding programmes over the summer rather than rely on September and beyond. Lewis McLellan reports.
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Public sector borrowers are in the middle of a monster week of borrowing, with seven benchmarks hitting screens so far.
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KfW paved the way for a slew of dollar mandates from SSA borrowers on Tuesday with a $5bn new issue.
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KfW announced plans on Monday to return to the dollar market with a new three year benchmark.
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With the hree new issues in the market this week progressing well, the SSA market seems to have put Brexit chaos in the past and returned to business as usual.
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A pair of European agencies tapped euro lines today in a recovering but still cautious SSA market.
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KfW found enough demand to print a A$400m ($299.2m) tap of its January 2019 Kangaroo bond late last week, highlighting a remarkable return to stability for markets after the previous week's Brexit vote.
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The SSA market got back to business swiftly, if somewhat cautiously, this week, with taps and private placements (PPs) across core currencies coming quickly after the UK’s vote to leave the European Union. Although none of the trades were especially ambitious, their success has set a positive tone for the weeks to come.
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The UK may have voted to leave the European Union but German’s biggest agency showed it still plans to visit the UK’s currency, as it sold the first sterling deal from an SSA since the UK’s referendum late last week.
