World Bank took size with its second ever euro 30 year benchmark on Tuesday, achieving a far more impressive outcome than its debut deal in that part of the curve last year.
Supply in the SSA dollar market is clustered at the short end of the curve, as borrowers focus on defensive tenors ahead of the upcoming US election.
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, October 26.
After months of waiting as even the great whites of the SSA oceans kept clear of primary bond sales in anticipation, the EU — now a bond market megalodon by comparison — cruised into a bait ball a quarter of a trillion euros big this week to take a €17bn bite out of its enormous pandemic recovery borrowing programme.
The European Investment Bank hit screens on Monday afternoon to announce what will be its final benchmark deal of the year, with the issuer set to use every inch of its €70bn borrowing authorisation for 2020.
Ronald Hinterkircher, who is retiring from the Swiss franc bond market after a 40 year career, has told GlobalCapital that digitalisation and the possible removal of the withholding tax for foreign investors could change the market over the next few years.
Italian government bonds rallied across the curve on Monday after S&P upgraded its outlook on the sovereign on Friday in response to the country’s extraordinary fiscal measures and support from the European Central Bank’s asset purchase programme and the European Union’s incoming recovery fund.
Greece hit the market this week with a €2bn tap, neatly threading a needle between the EU’s jumbo debut and a hefty 30 year from Italy.
A number of MTN investors are waiting for the result of the US election before committing themselves to the market, meaning next week is set to be a quiet one.
This week's funding scorecard looks at the progress European sovereigns have made in their funding programmes towards the end of October.
Germany's public sector issuers lead from the front
At the end of June GlobalCapital and DZ Bank brought together some of Germany’s leading public sector bond issuers to discuss the impact of the coronavirus pandemic on their capital markets activities...
Go to GlobalCapital's SSA data pages for the latest information on priced deals, borrower funding progress, league tables and upcoming deals.
View SSA data
GlobalCapital has held its Bond Awards every year for the past 12 years — but never like this.
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, October 26. The source for secondary trading levels is ICE Data Services.
Supply in the SSA dollar market is clustered at the short end of the curve, as borrowers focus on defensive tenors ahead of the upcoming US election. Kommuninvest landed a sizeable benchmark on Tuesday, while Kommunalbanken will follow suit on Wednesday.
An ESG think tank believes that the European Central Bank should drop Alberta’s euro bonds from its list of eligible marketable assets as a punishment for its support for polluting industries. But while it is a laudable aim, it is not practicable.
A number of MTN investors are waiting for the result of the US election before committing themselves to the market, meaning next week is set to be a quiet one.
Ronald Hinterkircher, who is retiring from the Swiss franc bond market after a 40 year career, has told GlobalCapital that digitalisation and the possible removal of the withholding tax for foreign investors could change the market over the next few years. But with the European Central Bank propping up the euro bond market, arbitrage opportunities for international companies in Swiss francs are vanishingly slim.
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