German Sovereign
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The market for public sector euro issuers is springing back to life after a quiet week, with two benchmarks printed on Monday and a sovereign dual tranche expected on Tuesday. But although traffic is returning, conditions are no longer as supportive as in January. -
The Green Bond Principles could be adapted to include clarification on the types of assets eligible for financing from the market, according to a sustainability consultant at Vigeo Eiris. The topic has grown in importance after France’s debut sovereign green bond last week included intangible assets among its use of proceeds.
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SSA bankers are gearing themselves up for another round of dollar supply next week after the currency’s record breaking January. Buoyant conditions even allowed one issuer to bring a bulky benchmark, despite this week’s public holidays in Asia.
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Asian Development Bank's first euro syndication in three years enjoyed only tepid success on Wednesday, as observers wondered if the 20 year trade was fully subscribed.
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The State of North Rhine-Westphalia announced on Monday that it will hold a roadshow for its third sustainability bond.
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A few of Europe's smaller borrowers are trying their luck now that the storm of issuance that thronged markets through most of January has abated.
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The dollar bond market for public sector borrowers this week rounded off a spectacular January, with many bankers describing it as “perfect” and the best in five years.
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A trio of issuers brought deals across the short end of the dollar curve on Wednesday, adding to what one SSA syndicate head described as the “ideal January”. Supply looks to have dimmed for now, with no deals on screen for Thursday and Chinese New Year holidays next week likely to halt benchmark issuance, but bankers believe conditions are so hot that arbitrage deals or floating rate notes could still break through.
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Guarantor: Financial Market Stabilisation Fund of the Federal Republic of Germany
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One of the busiest days ever in the public sector dollar market ended with five issuers sitting on deals printed at the top end of their size targets and with pricing tightened from initial thoughts. Another borrower is already out for Thursday business and bankers predict that conditions are so “incredible” that deal flow will stay healthy into next week — no matter what policy statements incoming US president Donald Trump makes at his inauguration on Friday.
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The pipeline for euro issuance is filling up once again as the European Investment Bank looks to raise funds at 10 years, although a deal from KfW on Tuesday appeared to struggle to reach €1bn.
