KfW
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A vote for the UK to exit the European Union next week is likely to intensely magnify a strong rush into safe haven assets, but some bankers are still confident that after the initial furore of a ‘Brexit’ there could be room for issuers eyeing euro deals in July to go ahead. And, if the UK opts to stay in the EU, issuers are likely to be lining up to print in July. -
Read on to see how far through their funding programmes European supranationals and agencies have progressed.
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KfW became the first supranational or agency to sell a euro-denominated five year benchmark with a negative yield on Tuesday.
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A remarkable week for public sector dollar issuance could lead into an even more impressive spell, after the release of hawkish US Federal Reserve minutes moved the 10 year part of the curve tantalisingly close to borrowers’ grasps. Craig McGlashan reports.
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There was a steady stream of sterling deals in the supranational and agency market this week, amid confidence that volumes will keep up until the UK’s referendum on European Union membership is imminent.
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Export Development Canada is set to join what one SSA banker described as a “ridiculous” dollar market, where issuers are selling in big size and with little or no new issue premiums.
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Demand for supranational and agency paper in Turkish lira is proving strong despite political tensions in the area.
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Public sector borrowers are taking advantage of some of the best conditions in the dollar market all year to print jumbo sized deals at the tightest spreads to US Treasuries in months.
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World Bank roared into the dollar market on Tuesday with the largest five year benchmark in the currency in over a year, as KfW and Bank Nederlandse Gemeenten hit screens with short dated mandates.
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Export Development Canada is to print a long four year sterling bond as demand for paper in the currency defied fears of a possible UK's exit from the European Union.
