DZ Bank
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The European Union will complete the funding for its Support to Mitigate Unemployment Risks in an Emergency programme next year, rather than this summer as previously planned. -
German optics maker Jenoptik has sold €400m-equivalent worth of sustainability-linked Schuldscheine, with around 250 investors participating in the euro and dollar deal.
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The European Union on Monday announced the mandate for its final Support to Mitigate Unemployment Risks in an Emergency (SURE) transaction of the first quarter, which will raise up to €13bn across the two tranches.
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The FIG market enjoyed its busiest week of the year so far but not all trades are working as investors shun tightly priced deals, particularly those at the long end.
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There has been no let up in the pace of euro issuance from banks this week, with BBVA and Hypo Noe diving into another full market on Tuesday following a busy but 'comfortable' session on Monday.
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The euro market burst into life with new FIG deals on Monday, as borrowers reacted to supportive comments from the European Central Bank last week. Bankers now expect plenty of supply to fill out the pre-Easter pipeline.
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Volksbank Wien sold its first non-preferred senior deal on Friday, after a week of discussions with investors. The deal benefitted from a stronger tone in the euro market as investors reacted well to the latest meeting of the European Central Bank.
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The European Union finally arrived with its second Support to mitigate Unemployment Risks in an Emergency (SURE) transaction of the year on Tuesday, two weeks after it sent banks a request for proposals (RFP).
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The financial primary market paused on Wednesday. Despite euro borrowers enjoying oversubscribed order books this week, demand in the secondary market is lagging behind, as investors await further rises in yields.
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The European Union completed another chunk from its Support to mitigate Unemployment Risks in an Emergency (SURE) funding programme on Tuesday, leaving the issuer with up to €13bn more to raise before the end of March.
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Intesa Sanpaolo saved a couple of basis points with the sale of a new senior bond from its green issuance framework on Tuesday, compared to fair value on a conventional deal. The new issue came as markets remained on edge ahead of the European Central Bank’s next meeting.
