EIB
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The European Investment Bank achieved its biggest ever order book in euros on Tuesday, as it sold its first seven year benchmark of the year. -
This week's funding scorecard looks at the progress supranationals have made in their funding programmes as we approach the end of April.
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The region of Madrid and the European Investment Bank are both marketing seven year euro deals, with the former preparing the first green labelled bond by a Spanish government entity. Elsewhere in the euro public sector bond market, Ontario Teachers’ Finance Trust is moving forward with its first bond in the currency.
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A slide in euro and dollar MTN volumes has given Scandinavian banks the chance to propel themselves up the MTN leader board.
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The World Bank followed up Wednesday’s record breaking dollar deal with another one for the record books on Thursday, scooping up Skr11.5bn ($1.2bn) in the Swedish krona market to combat the coronavirus pandemic.
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The European Central Bank is encouraging investment banks to keep up their market making activities during the coronavirus pandemic by offering them temporary relief on their capital requirements for market risk.
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Three European supranationals sold bonds this week with a specific focus on supporting its member countries from the coronavirus outbreak as public sector borrowers maintain their vital role in providing emergency financing to tackle the crisis.
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Dollar high yield buyers showed up in force for the largest priming debt opportunity provided so far by the coronavirus crisis, Carnival Corporation’s $4bn rescue offering, priced alongside a convertible and an equity capital raising on Wednesday. The package provides funds for the stricken cruise operator until November, but even if the company can’t start sailing again this year or next, investors in the new issue are first in line for the firm’s $38bn of assets.
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The European Investment Bank joined the ranks of supranationals issuing debt to support the fight against Covid-19 this week, using its recently updated sustainability awareness bond (SAB) framework to raise Skr3bn ($299m) to finance its response to the coronavirus pandemic.
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Carnival Cruises, the world’s largest leisure travel company, is rolling the dice on a coronavirus rescue package, launching a $1.25bn underwritten rights issue, $1.75bn convertible bond, and a $3bn dual currency high yield bond.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, March 30. The source for secondary trading levels is ICE Data Services.
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