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  • Austria and Greece take €3.5bn each in hectic euro market

    A pair of sovereign borrowers hit the crowded euro bond market on Wednesday, pulling down a combined €7bn. Public sector issuance is showing no signs of slowing: Wednesday’s borrowers received huge orders.

    • 05.30 PM
  • ADB matches OeKB's spread with five year dollar

    The Asian Development Bank took advantage of the strong investor appetite in the dollar bond market on Wednesday with a deal that matched the spread Oesterreichische Kontrollbank had paid on a five year dollar issue on Tuesday.

    • 05.15 PM
  • Twists and turns of CEE central bank policy

    At this year’s Central & Eastern European Forum, Société Générale hosted the workshop titled ‘CEE central banks’ balance sheet expansion: a necessity or a risk?’. The speakers were Radoslaw Cholewinski (deputy head of fixed income at Pekao TFI), Martin Dolejs (portfolio manager, pension fund and insurance portfolios at Allianz), and Zoltan Aroksallasi (FX and rate strategist at Erste Bank), and I thank them for their insight, their knowledge, and their time. By Marek Drimal, EMEA Strategist, moderator of the workshop.

    • 02.00 PM
  • IDB Invest preps debut sustainability bond

    IDB Invest, the private sector arm of the Inter-American Development Bank, is preparing to issue the first bond under its new sustainability debt framework.

    • 11.45 AM
  • OeKB launches five year bond, ADB to follow after sterling success

    Oesterreichische Kontrollbank (OeKB) hit the market on Tuesday for a five year dollar benchmark, raising $1.5bn despite pricing coming through the issuer’s secondary curve.

    • 26 Jan 2021
  • France’s green bond issuance to reach up to €15bn in 2021

    The Agence France Trésor (AFT), the French sovereign debt office, has announced that it will issue up to €15bn of green bonds this year, a sharp increase in supply from last year.

    • 26 Jan 2021
  • BlackRock’s Fink backs net zero, leaves responsibility to clients

    BlackRock wants to move a long way towards catching up with leading investors in its response to climate change, its CEO Larry Fink indicated in his annual letter to chief executives on Tuesday. BlackRock stopped short of setting a net zero carbon emissions target for its $8.7tr of assets under management, or committing to swift decarbonisation. But it did publish a ‘net zero commitment’ saying it would “support the goal of net zero emissions by 2050 or sooner”.

    • 26 Jan 2021
  • EU storms through SURE return as sovs line up in euro market

    The European Union wrapped up its first bond of 2021 under the Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme in style with a quick execution and another impressively sized order book.

    • 26 Jan 2021
  • SSA secondary pricing update: Brandenburg and EIB trade wider after pricing tight

    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, January 25. The source for secondary trading levels is ICE Data Services.

    • 26 Jan 2021
  • ADB and OeKB line up after Dexia lands five year sterling

    Dexia Crédit Local raised £750m with a December 2026 bond on Monday, gathering a generously oversubscribed order book and pulling in the spread during execution, promising a strong reception for Asian Development Bank on Tuesday. OeKB will come to market with a dollar five year.

    • 25 Jan 2021
  • BTPs pressured after Lagarde but borrowers unconcerned

    The European Central Bank meeting on January 21 did not strike a pleasing note for investors in eurozone government bonds, and spreads are still wider. But primary market participants seem unconcerned.

    • 25 Jan 2021
  • EU mandates for first SURE deal of 2021

    The European Union hit screens on Monday morning to announce its first bond of 2021 under the Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme.

    • 25 Jan 2021
  • EBRD USD2bn 0.5% Jan 26

    • 22 Jan 2021
  • JBIC to return to sterling market after long absence

    The Japan Bank for International Cooperation has picked backs for a sterling five year benchmark, replacing its last bond in the currency — a trade issued in February 2014 that matured in December 2020.

    • 22 Jan 2021
  • Investors put ECB commitment to the test

    European Central Bank president Christine Lagarde refused to be drawn into naming a specific spread target that the central bank will defend in a press conference on Thursday but investors may find out for themselves in the wake of the meeting. BTPs sold off sharply after Lagarde spoke, perhaps indicating that the central bank has not done enough to convince investors of its support.

    • 21 Jan 2021
  • France smashes 50 year as EU preps first SURE deal of 2021

    France stole the limelight in the euro public sector bond market this week as it set new records for 50 year benchmarks in terms of size, demand and yield. But next week all eyes will be firmly fixed on the EU, which is set to bring its first bond of the year under its Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme.

    • 21 Jan 2021
  • EBRD shows patience to print flat to curve

    The European Bank for Reconstruction and Development led the way on a busy Thursday in the SSA dollar market, printing $2bn flat to its curve.

    • 21 Jan 2021
  • Land NRW scores with new 30 year ahead of ECB meeting

    The State of North Rhine-Westphalia found plenty of demand as it came to the market with a new 30 year benchmark on Thursday, ahead of the European Central Bank’s first monetary policy meeting of the year.

    • 21 Jan 2021
  • EIB reboots €STR FRN market with curve extension

    The Europe Investment Bank extended the euro short term rate (€STR) floating rate note curve on Wednesday with 2021’s first deal in the format.

    • 21 Jan 2021
  • What price bonds in the Biden era?

    A new era has begun in the US, with the swearing in of Joe Biden as president. For America and the rest of the world it is a sea change in leadership style and political substance.

    • 21 Jan 2021
  • Dollar market hot for SSAs across curve as CPPIB looks long

    CPPIB Capital hit screens on Wednesday for a 10 year benchmark, confident that there is demand at that tenor despite a recent rush of similar deals.

    • 20 Jan 2021
  • Cades brings first ever SSA sterling social bond

    Caisse d’Amortissement de la Dette Sociale (Cades), the agency responsible for financing and amortising French social security debt, printed a £1.5bn social bond on Wednesday — the first ever deal in that currency and format from a public sector borrower.

    • 20 Jan 2021
  • Brandenburg undersubscribed for 25 year deal as Land NRW hits screens

    The State of Brandenburg failed to reach full subscription for a new 25 year trade on Wednesday as it priced at an exceptionally tight level to its secondary curve.

    • 20 Jan 2021
  • Italian bonds rally as government avoids snap election

    Italian prime minister Giuseppe Conte won a vote of confidence in the country's senate last night, removing the immediate threat of the government he leads collapsing. Relieved investors flocked back to Italian assets in the aftermath but Italy’s political troubles are unlikely to be over.

    • 20 Jan 2021
  • EBRD and AIIB line up dollar benchmarks

    Two supranationals are set to hit the market for their first dollar benchmarks of 2021 on Wednesday.

    • 19 Jan 2021
  • France smashes order book record with new 50 year as long end rush extends

    France set a new order book record with its new 50 year syndicated bond on Tuesday. Two other public sector borrowers joined the sovereign at the long of the euro curve.

    • 19 Jan 2021
  • UK raises £6.5bn with first 2021 syndication

    The UK Debt Management Office launched a new 25 year line on Tuesday, raising £6.5bn. The DMO also published the minutes of its call with investors and Gilt-edged Market Makers on Monday, revealing strong appetite for inflation-linked products.

    • 19 Jan 2021
  • SSA secondary pricing update: Spain’s new 10 year stays wide of reoffer

    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, January 18. The source for secondary trading levels is ICE Data Services.

    • 19 Jan 2021
  • France out for 50 year as sovs look long

    Spreads have moved away from their tightest levels, but issuers do not seem put off. France will extend the flood of long end deals with its first 50 year OAT syndication in almost five years on Tuesday.

    • 18 Jan 2021
  • EU sounds out banks for first SURE deal of 2021

    The European Union has sent banks a request for proposals for its first bond of the year under its Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme.

    • 18 Jan 2021
  • Italy's Bund spread belies political crisis

    Italia Viva has withdrawn its ministers from the support of the Italian government, sparking a political crisis in the country. However, Italy’s sovereign bonds are trading within a comfortable range versus Bunds thanks to the support of the European Central Bank.

    • 15 Jan 2021
  • Germany after Merkel, US Treasuries under Biden

    This week in Keeping Tabs: a key weekend for Germany's future, and Biden's stimulus plan.

    • 15 Jan 2021
  • Boath joins Agora as adviser

    Richard Boath, a former Barclays chair of EMEA financial institutions investment banking, has joined Agora, the capital markets start-up founded by fellow Barclays alumnus Charlie Berman.

    • 15 Jan 2021
  • Blame the ECB for Spain's lost orders

    Few deals have ever had €75bn of orders. Spain managed to lose that much, but still have €55bn remaining in the book. This is the world the ECB’s purchase programmes have built.

    • 14 Jan 2021
  • People news in brief

    Natixis promotes DCM bankers — Powell quits IFAD job — NatWest Markets makes Peberdy, Donaldson and Manwaring's positions permanent

    • 14 Jan 2021
  • SSAs testing waters in niche currencies

    SSA borrowers kept up a torrid pace of issuance in non-core currencies this week.

    • 14 Jan 2021
  • World Bank leads charge to euro long end

    Issuers flocked to the long end of the euro market this week, with two borrowers finding success with rare 40 year deals.

    • 14 Jan 2021
  • ¿El Clásico? Spain's big 10yr shocks after losing €75bn of orders

    A book of more than €55bn for a €10bn bond priced with a new issue premium of 1bp would be a gratifying outcome for any sovereign issuer. But Wednesday's syndication for Spain instead attracted robust criticism over price moves during bookbuilding which derailed what was on course to be the biggest order book in bond market history.

    • 14 Jan 2021
  • Issuers rush into booming dollar market

    The dollar market has moved from strength to strength this week, with six SSA borrowers benefitting from the superb conditions to slash spreads and offer minimal new issue concessions.

    • 14 Jan 2021
  • Deutsche Bahn steams into Swissies

    After a near two year absence, Deutsche Bahn pulled into the Swiss franc market to issue 15 year debt with no new issue premium this week, landing inside its own euro curve.

    • 14 Jan 2021
  • Fun to stop in sterling market

    The sterling market began the year in excellent health, with a variety of issuers pulling off successful and substantial deals in the currency. But the supply has moved the basis swap, and the market will likely be forced to pause for breath.

    • 14 Jan 2021
  • Spain loses over €75bn of orders after ‘shocking’ price move

    In a dramatic and unprecedented turn of events on Wednesday, Spain went from being on track to attract the biggest ever order book for a bond issue to losing more than half of its orders, as it slashed the spread of its new 10 year syndicated bond, leaving either a negative or very skinny new issue premium.

    • 14 Jan 2021
  • EIB doubles up in two currencies

    The European Investment Bank pulled off two trades on Thursday, hitting the Canadian dollar market for a Climate Awareness Bond and raising $1bn with a five year linked to the Secured Overnight Financing Rate.

    • 14 Jan 2021
  • KfW sells South African rand green bond

    KfW printed its first green bond in South African rand this week, reflecting the growth in demand for sustainable products outside of core currencies, according to a funding official at the agency.

    • 14 Jan 2021
  • World Bank smashes 40 year euro debut amid red hot long end

    World Bank extended its euro benchmark curve with flying colours on Wednesday, in a further sign of ample demand for duration amid a low yielding environment.

    • 13 Jan 2021
  • SSA issuers slash spreads in booming dollar mart

    A trio of SSA issuers pulled off another string of successful deals in the dollar market on Wednesday, with issuers able to push the envelope on pricing more than is usually possible in January.

    • 13 Jan 2021
  • Spain targets €5bn-€8bn green debut in second half of 2021

    Spain is planning to issue its hotly anticipated inaugural green bond in the second half of the year through syndication in what will be the first step in the sovereign’s ambition to become a regular green issuer and build out a curve in the format.

    • 13 Jan 2021
  • World Bank to extend euro benchmark curve to 40 years in euro long end fever

    World Bank hired banks on Tuesday to lead a new 40 year euro sustainable development bond — the supranational’ s longest ever benchmark in the currency. The deal will be the latest example of public sector borrowers venturing longer in the euro market this year.

    • 12 Jan 2021
  • Dollars scorching as Cades gets monster 10 year

    The dollar market is on an unbelievably hot streak, with deal after deal smashing records thanks to cash-rich investors and higher yields in the US Treasury market.

    • 12 Jan 2021
  • SSA secondary pricing update: EIB and KfW perform strongly following record euro order books

    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, January 11. The source for secondary trading levels is ICE Data Services.

    • 12 Jan 2021
  • Powell quits as IFAD treasurer

    Ben Powell is resigning from the position as treasurer of the International Fund for Agricultural Development after 15 months in the job.

    • 12 Jan 2021
  • Nokkie double for MuniFin

    Finland’s Municipality Finance has had a busy week in the Norwegian krone market, as demand from domestic bank treasuries for high quality liquid assets (HQLA) drove a pair of floating rate notes in the currency.

    • 12 Jan 2021
  • Cades lines up 10 year dollar deal as US Treasury yields climb

    Caisse d'Amortissement de la Dette Sociale hit screens on Monday morning to announce a 10 year dollar benchmark, following the example set by Inter-American Development Bank’s enormous success in the tenor last week.

    • 11 Jan 2021
  • EIB lands record Sonia

    Sterling deals have received a superb investor response so far this year but perhaps none more so than Monday’s record setting Sonia floater from the European Investment bank.

    • 11 Jan 2021
  • CPPIB, EFSF and EIB light up euro SSA long end

    The first public deals of the year in the long end of the euro curve from the supranational and agency sector arrived on Monday, with the trades receiving huge demand and pricing exceptionally tight to secondary levels.

    • 11 Jan 2021
  • KfW senior funding official departs

    A senior funding manager at KfW who was responsible for leading the borrower’s sterling and dollar deals, has left the German agency.

    • 11 Jan 2021
  • CPPIB to hit euro long end with first ever 20 year

    CPPIB Capital mandated the banks to lead its first ever 20 year euro benchmark on Friday, in what is also the first mandate announcement for a benchmark transaction by a non-sovereign/sub-sovereign public sector borrower in the long end of the euro curve in 2021.

    • 08 Jan 2021
  • SSAs kick off 2021 MTN market

    MTN issuance out of Asia and Sweden provided some of the week’s bright spots in what was otherwise a quiet start to the year. With the public market now in full swing, bankers expect the private placement market to get up to speed in the coming weeks.

    • 08 Jan 2021
  • Spain set to make green bond debut in 2021

    The Spanish Treasury has announced its funding outlook for the year, including a commitment to launch a green bond programme.

    • 08 Jan 2021
  • EIB impresses with Kanga CAB

    European Investment Bank kicked off a strong first week of issuance with an impressive outing in the Kangaroo market, raising A$1.25bn ($973.2m) with a Climate Awareness Bond.

    • 08 Jan 2021
  • UK appoints syndicate for new 25 year Gilt

    The UK Debt Management Office has chosen the banks to lead the sale of a new 25 year conventional Gilt via syndication, following support for this maturity by Gilt-edged Market Makers (GEMMs) and investors in a consultation at the end of November.

    • 08 Jan 2021
  • RBI encourages clients to issue/borrow in sustainable formats

    Raiffeisen Bank International’s clients are increasingly looking to achieve more sustainable, fairer and more transparent ways of doing business. In this context, RBI maintains a comprehensive dialogue with an ever-increasing pool of clients on sustainable finance, e.g. bonds, loans and Schuldscheine. We focus our attention not only on “green”, but also cover sustainability-linked instruments, a rapidly growing area in the sustainable finance universe.

    • 08 Jan 2021
  • Euro SSA market opens up with a bang in 2021

    The euro public sector bond market got off to a bang in 2021, with issuers building their biggest ever order books, despite pricing deals with their lowest ever yields and small new issue premiums.

    • 07 Jan 2021
  • Blue wave euphoria washes out Capitol Hill riots

    Amid riots on Capitol Hill, the blue wave finally arrived. Georgia’s two run-off elections gave the Democratic Party 50 seats in the US Senate, and the majority, as Kamala Harris will hold the deciding vote as US vice-president. As this opens the door to greater fiscal stimuli, investors have responded by piling into equities, causing US Treasury yields to climb. This provides opportunities at the long end of the maturity curve for bold SSA borrowers. Lewis McLellan, Sam Kerr and David Rothnie report.

    • 07 Jan 2021
  • People moves in brief

    Loynes extends syndicate responsibilities at Crédit Agricole — CS's equity sales head to join Citi — Flori starts at CEB funding team

    • 07 Jan 2021
  • Land NRW shows 100 year bonds becoming ‘more of a mainstream product’

    State of North Rhine-Westphalia’s third and biggest century bond built an impressive order book in terms of size and number of accounts from a diverse range of investors this week, proving this niche part of the curve is increasingly popular with buyers.

    • 07 Jan 2021
  • SSAs make sterling start to 2021 despite tricky backdrop

    All five public sector borrowers that sold sterling benchmark deals this week received exceptionally strong results, despite having to navigate through difficult market conditions in the currency.

    • 07 Jan 2021
  • World Bank smashes expectations with dual tranche Sofr

    World Bank hit the market on Thursday with a pair of Sofr floating rate bonds, getting impressive demand and pulling off the largest SSA deal to reference the benchmark.

    • 07 Jan 2021
  • NIB maintains sterling start for SSAs in 2021

    The Nordic Investment Bank became the latest public sector borrower to achieve a strong result in the sterling market this week with a £600m print.

    • 07 Jan 2021
  • EIB smashes euro book record with almost €50bn of demand

    The European Investment Bank received an order book close to two and half times bigger than its previous record in euros on Thursday as it printed its first benchmark in the currency of the year.

    • 07 Jan 2021
  • JP Morgan’s Darrort off to Paris in post-Brexit relocation

    Amélie Darrort, co-head of the euro medium term note desk and head of French public sector debt capital markets at JP Morgan, will be relocating from London to Paris in the summer as part of a post-Brexit relocation, GlobalCapital understands.

    • 07 Jan 2021
  • Georgia race boosts Treasury yields, pepping up IADB demand

    The run-off for the final two seats in the US Senate was nearing its close on Wednesday and it looks likely that Democrats will secure both, granting the party a majority in both houses of Congress. The race has caused a spike in US Treasury yields, lending Wednesday’s SSA borrowers a big boost.

    • 06 Jan 2021
  • EIB readies 10 year euros following KfW’s record breaking success

    The European Investment Bank announced its first euro benchmark of the year on Wednesday, looking to take advantage of a super strong backdrop and avoid an expected heavy pipeline of supply next week.

    • 06 Jan 2021
  • Crédit Agricole names new global head of MTNs

    Toby Croasdell has been appointed global head of MTNs, private placements and commercial paper at Crédit Agricole, following the promotion of previous head Benjamin Lamberg last month.

    • 06 Jan 2021
  • Bolder central bank policies will be pitched as the cure to economic long Covid

    Cancelling debt, dual interest rates, helicopter money: if the recovery from the coronavirus crisis stalls in the developed world, we will see calls for more radical central bank action.

    • 05 Jan 2021
  • World Bank opens Maple market with five year

    World Bank sold a Canadian dollar benchmark on Tuesday, raising C$1.5bn ($1.2bn) with a January 2026 line.

    • 05 Jan 2021
  • Land NRW sells biggest century bond as euro SSA market returns with a bang

    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%.

    • 05 Jan 2021
  • KfW and SEK score in sterling despite tricky conditions

    KfW and Swedish Export Credit Corporation (SEK) achieved strong results in sterling on Tuesday despite extremely volatile conditions in the currency as a result of uncertainty around the impact of Brexit and the rising cases of coronavirus in the UK, which has affected swap spreads and the cross-currency basis swap for non-UK borrowers.

    • 05 Jan 2021
  • Dollar SSA market springs to life

    The dollar SSA market leapt into action on Tuesday with an impressive deal from the European Investment Bank. Two more are set to follow on Wednesday, including a 10 year benchmark.

    • 05 Jan 2021
  • RBC DCM veteran joins CEB funding team

    A bond banker who had spent over 15 years at RBC Capital Markets has joined the Council of Europe Development Bank as a funding officer.

    • 05 Jan 2021
  • Green bankers confident of Taxonomy U-turn

    Sustainable finance specialists are optimistic that the European Commission will make a last minute concession on its proposed rules for green buildings when it publishes its final and binding Taxonomy of Sustainable Economic Activities, expected later this month.

    • 04 Jan 2021
  • Italy to enter green bond market in 2021

    Italy is at an advanced stage with its green bond framework with a highly anticipated debut deal in the format expected to arrive this year, according to the Italian Treasury.

    • 04 Jan 2021
  • EIB goes for day one double, lines up dollars for Tuesday

    The European Investment Bank made a blazing start on Monday in tackling its 2021 borrowing programme, hitting the Australian dollar and sterling markets on Monday, and lining up a dollar deal for Tuesday.

    • 04 Jan 2021
  • Sterling SSA market opens, but backdrop tricky

    The European Investment Bank became the first borrower to tap the sterling market in 2021 on Monday, while KfW is set to follow on Tuesday. While the opening deal went well, the issuers had to contend with some sharp volatility.

    • 04 Jan 2021
  • SSAs storm back into euro market amid strong backdrop

    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.

    • 04 Jan 2021