Luxembourg
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Banks will lean on covered bonds but prefer long maturities -
Car lessor pays 20bp premium, in line with compatriot Arval's recent euro deal
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Sovereign garners fraction of demand of more liquid issuers
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Minister oversaw Grand Duchy's first-of-its-kind sovereign sustainability bond
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The European Investment Bank has become the latest SSA issuer to tap the offshore renminbi (CNH) market, pricing its inaugural Climate Awareness Bond in the currency this week.
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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 Tuesday, March 23. The source for secondary trading levels is ICE Data Services.
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It was a long time coming, but Greece finally completed its curve with a 30 year bond on Wednesday. This was its first in the tenor since before the global financial crisis. The bond was a success, despite a choppy backdrop.
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Investors holding the covered bonds issued by NordLB in Luxembourg said on Wednesday that they were concerned about prospective rating downgrades after the bank said it would be wound down and in the wake of Fitch’s announcement on Tuesday that it had withdrawn its covered bond rating.
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The Grand Duchy of Luxembourg launched Europe’s first sovereign sustainability bond to big demand on Monday morning, allowing the sovereign to bring the spread in by 6bp during pricing.
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The Grand Duchy of Luxembourg has become the first European country to publish a sustainability bond framework and has mandated banks to prepare a debut deal in the format.
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The European Commission’s proposed amendment to the Liquidity Coverage Ratio Delegated Act suggests covered bonds, such as those issued by NordLB Luxembourg and others, could be excluded, which could extinguish banks’ demand for them. However, it is likely that a solution referencing the covered bond directive will be found.
