KfW
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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. -
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.
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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.
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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.
