Rentenbank
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The European Union’s upcoming April 2033 euro benchmark may have to offer a little more premium than usual if it wants to match a similar trade from the European Investment Bank last week and attract strong French demand, said bankers away from the mandate. Other euro supply in the pipe includes CPPIB Capital — also with a 2033 issue — and Rentenbank in sevens. -
A jump in US Treasury yields following a higher than expected US inflation print could boost long end dollar supply from SSAs said bankers, although investors might be keen for concerns over inflation to die down first. Meanwhile, issuers have been focusing on short dated arbitrage style trades with benchmark issuance limited this week — and likely next week — due to the Chinese New Year holidays.
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Investor expectations for the number of US Federal Reserve target rate rises this year grew on Wednesday after inflation figures for the country came in higher than most analysts’ expectations. The shift came on the same day that Rentenbank doubled its minimum size on a dollar syndication.
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With a new climate awareness bond from the European Investment Bank and the announcements of green taps from EIB and Rentenbank, it was a busy week of sustainable bond issuance in the Australian dollar market.
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A flurry of activity in the Australian dollar market this week may be at an end after a lower than expected third quarter Australian GDP print.
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Public sector borrowers have crammed more dollar deals into Tuesday than are sometimes seen in a week. But far from suffering from too much choice, investors gobbled up everything on offer — and bankers expect them to do just the same for two deals on Wednesday’s menu.
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Rentenbank will tap a resurgent long end dollar market on Tuesday, alongside a rare appearance in the currency from the Canadian sovereign in fives and a French agency in threes. This is only the second time in nearly two and a half years that issuers have peppered the whole of the dollar curve on the same day.
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This week's funding scorecard looks at the funding progress various European supranationals and agencies have made in their funding programmes as we head into the September rush.
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Outside observers may have been surprised to see European bond markets reopen after a short summer break this week. However, those involved in the market thought it a sensible move, write Nigel Owen, Craig McGlashan and Tyler Davies.
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Nederlandse Waterschapsbank brought some supply to the sparse long end of the SRI market on Tuesday, printing a trade that alongside Rentenbank was part of a strong re-emergence of euro supply after the summer.
