EIB

The European Investment Bank will bring the first dollar deal from a public sector borrower following the extended Lunar New Year holiday, with SSA bankers expecting plenty more supply to follow in the currency.

For well over a decade, the cornerstone of the European Investment Bank’s sustainability funding policy has been the conviction that the financial services industry has a pivotal role to play in spearheading the battle against climate change. As the EU’s climate bank, it has also consistently recognised its responsibility for developing best practice, which in turn helps promote enhanced environmental and social standards across the global financial community.

Few MTN issuers have so far issued in the Libor-replacing euro short term rate (€STR) format, with deals limited so far to supranationals, agencies and, this week, a sub-sovereign. Some bankers blame the 2017 EU Prospectus Directive for tightening up the rules on adding new indices to programmes, leaving non-exempt issuers on the sidelines.

Rating: Aaa/AAA/AAA

Rating: Aaa/AAA/AAA

Two supranationals hopped into the Kangaroo market with environmental, social governance (ESG) bond taps this week, in a move that is becoming increasingly popular. With a local holiday this weekend marking the end of antipodean summer, bankers expect Australian dollar issuance to restart in the next few weeks.

Swedish issuer Kommuninvest is preparing to launch its first deal of 2020 — a five year Swedish krona note.

The European Investment Bank doubled up in capital markets on Wednesday, hitting screens for a fixed rate sterling benchmark and a Sofr-linked floating rate dollar note.

The European Investment Bank is keeping a busy pace in capital markets, mandating banks on Tuesday for its sixth syndicated transaction of the year in a core currency.

A pair of supranationals have reopened Danish krone green bonds. Domestic interest in SSA paper has grown over the last year, with green issuance a primary driver.

Spain and Cyprus attracted strong demand for their syndicated bonds on Tuesday, with the former receiving the largest ever order book for a public sector euro benchmark. Italy and Belgium will add to the eurozone sovereign supply on Wednesday after mandating leads for new 30 and 10 year trades, respectively.

The European Financial Stability Facility took the spotlight in the euro public sector bond market on Monday with an intraday execution ahead of a busy week. The European Investment Bank, Council of Europe Development Bank, Spain and Cyprus have all announced new deals.