Nomura
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France hit screens on Tuesday to announce a new long-dated inflation-linked benchmark at a time when market participants are bracing for the return of inflation due to the vast amount of monetary stimulus and spending by governments in response to the coronavirus pandemic. -
NRW.Bank’s inaugural social bond sparked a flurry of 15 year trades this week as a flattening French curve and the positive yields on offer helped spur on demand, with three issuers opting to follow the German agency’s successful trip to the maturity on Wednesday.
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The Republic of Indonesia returned to the yen market this week for its annual Samurai bond outing, raising ¥100bn ($930m).
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The 15 year tenor is the flavour of the week in the SSA market. Three issuers have mandated for deals at the tenor so far, following on from NRW.Bank’s successful trip to the maturity on Tuesday.
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NRW.Bank signalled to the market that there is demand at 15 years with its inaugural social bond on Tuesday. Following the deal two other European issuers, Bank Nederlandse Gemeenten and Portugal, mandated for deals of their own in the tenor.
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OP Corporate Bank sold a new four year deal this week that set a new low for euro senior bond spreads during the coronavirus pandemic.
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Five banks and insurers from across Europe issued senior debt this week, including two in green bond format, as they tried to find opportunities in a choppy market. Athene Global Funding, Banco de Sabadell, Virgin Money, Santander and Hypo Noe all priced deals.
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Green bonds made up the majority of the supply in the euro bank bond market on Thursday, with Hypo Noe and Santander capitalising on strong demand for the asset class.
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Chinese real estate developer Zhongliang Holdings Group Co took $250m from a sub-one year bond on Wednesday, prioritising size over price for the deal.
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State Bank of India is on track to raise about Rp15.6bn ($204.7m) from an offer-for-sale of shares in its life insurance arm.
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