Ireland

Permanent TSB added to a recent run of Irish bank supply on Wednesday, tapping into strong investor demand with a new tier two in the euro market.

Bank of Ireland Group was more than three times subscribed for a new tier two on Tuesday, as it followed its domestic peer AIB Group in applying a green label to the asset class.

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, April 19. The source for secondary trading levels is ICE Data Services.

Austria took centre stage in the euro sovereign bond market this week with the sale of its first ever four year benchmark alongside a new 50 year deal to complete its curve.

The International Development Association is set to make one of its rare outings to the euro market on Tuesday, joining a 20 year from Ireland, which will be the third sovereign deal this week.

Davy, the Irish brokerage firm, has shut its bond desk with immediate effect following a damning investigation by the Central Bank of Ireland which found a group of employees breached markets regulation for personal financial again over a period of two years.

A pair of sovereigns privately placed century bonds this week, with one of the borrowers — Ireland — dipping below the 1% point for the first time at this sort of tenor.

Smurfit Kappa, the Irish paper and cardboard packaging company, has signed its first sustainability-linked loan for €1.35bn, at the same time as setting new targets to reduce its carbon footprint and water use and employ more women.

Deutsche Pfandbriefbank could take advantage of a quiet backdrop in the euro FIG market to launch the first deal from its green bond framework.

Public sector borrowers soaked up huge demand in the euro market on Tuesday including the State of North Rhine-Westphalia, which printed its biggest ever 100 year bond despite offering a yield of less than 1%.

Public sector borrowers wasted no time in getting back to business in the euro market in 2021 with one live deal and four mandates all hitting screens on Monday as issuers look to take advantage of an almost full trading week and a supportive market to make a dent in their brand new funding programmes.

Greencoat Renewables, the Irish wind farms fund managed by Greencoat Capital, launched a €100m equity capital raise on Thursday to free-up funds for acquisitions.