(Bloomberg) -- Europe's safest borrowers are leading a return to the region's debt market after surging volatility closed the door to deals.
Triple A-rated Germany is heading the day's action with a 4 billion-euro ($4.5 billion) offering of existing 2052 notes, while its agricultural development bank Rentenbank is also active in the euro market. They're joined by the Council of Europe Development Bank, which is offering sterling-denominated notes, in the first sales for four days.
The issuers are all from the sovereign, supranational and agency (SSA) sector, making them among the safest bets for investors navigating turbulence triggered by Russia's invasion of Ukraine. It follows a series of deals being pulled, including by another German SSA borrower Land NRW on Feb. 24, the first state-linked sale halted since 2020.
Mandates from corporate issuers NOS SGPS SA and Vestas Wind Systems A/S remain in the pipeline along with financials including Banco BPM SpA and DWS Group. In the riskier high-yield corporate market, there have been no deals priced since Feb. 10.
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