Bank Nederlandse Gemeenten
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The European Stability Mechanism is spearheading a plan to create a new digital platform for launching public sector bonds in euros. The system, which ESM wants to launch in 2020, is named the European Distribution of Debt Instruments (EDDI). It could end up replacing some of the functions of investment banks and clearing houses. -
Sovereign, supranational and agency (SSA) issuers burst into the second quarter with a scorching week that saw plenty of big books and minimal or negative premiums.
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The European Financial Stability Facility and Council of Europe Development Bank left little on the table with their euro bond issues on Wednesday. More supply is expected, as three more borrowers have picked banks for deals expected this week.
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Bank Nederlandse Gemeenten was upgraded by Fitch on Thursday, returning to triple-A status with the credit rating agency for the first time since 2015.
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Bank Nederlandse Gemeenten was the only name out in dollars this week for a small tap, as the US Federal Reserve sent rates sharply down after a more dovish than expected meeting on Wednesday.
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Bank Nederlandse Gemeenten is braving the dollar bond market during the Federal Open Market Committee on Wednesday, as it takes indications of interest for a $250m tap of its March 2022 floater.
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Sweden has joined the throng of SSA borrowers making up for the dollar market's weak start to the year, bringing its first deal in the currency for over a year. It follows a trio of new issues that achieved tight spreads.
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Investors were keeping cash from the private debt markets this week, though borrowers that have a definite issuance plan have been able to continue with their strategies.
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High grade bond markets have made a flying start to the year, defying the expectations of a bear market in fixed income following the end of the European Central Bank’s asset purchase programme and tightening of monetary policy in the US. Instead of the expected cautious tone, investors have been fuelling record order books, big deals and strong performance in the secondary markets, write Burhan Khadbai and Nigel Owen.
