SSA - Article Archive


  • Funding scorecard: French agencies

    This week's funding scorecard looks at the progress French agencies have made in their funding programmes at the start of the fourth quarter.

    • 11 Oct 2019
  • SSA dollar borrowers keep blistering pace

    A scorching week in the dollar market provided some $18.5bn of funding from issuers across the SSA spectrum. Maturities from three to 30 years were accessed, and each deal enjoyed strong demand and well-filled books.

    • 10 Oct 2019
  • CMU gets a makeover — EU proposes revamp and policy shift

    A report commissioned by European Union member states suggests rebranding the Capital Markets Union (CMU) a “Savings and Sustainable Investment Union”. Specific proposals include all large sovereign borrowers issuing green bonds, facilitating IPO access for smaller companies, and a group of select countries readying to harmonise insolvency rules.

    • 10 Oct 2019
  • EBRD and Ireland go head to head for green euros

    The European Bank for Reconstruction and Development and Ireland faced off in the euro green bond market on Thursday.

    • 10 Oct 2019
  • UK pension funds spur supras to sell sterling green

    The sterling SSA green bond market is going from strength to strength, buoyed by new legislation requiring pension funds to disclose their environmental, social and governance strategies.

    • 10 Oct 2019
  • Italy ‘committed to dollar market’, says debt chief

    After making a strong return to the dollar bond market for the first time since 2010, Italy aims to become a frequent issuer in the currency once again, according to the sovereign’s funding head.

    • 10 Oct 2019
  • People moves in brief

    UBS names levfin head — Mizuho finds four high yield bankers — Fintech firm Nivaura gives role to ex-HSBC syndicator

    • 10 Oct 2019
  • IDA wins blow-out for euro debut, eyes $10bn-$15bn programme

    The International Development Association made a huge splash this week with its first euro benchmark. The supranational is aiming to carve out a large and diversified funding programme consisting of various currencies and private placements.

    • 10 Oct 2019
  • Continental rolls in with fixed rate note

    German tyre manufacturer Continental rolled into the market on Wednesday, one week after it priced its debut floater in the MTN market last week. The manufacturer had enjoyed several years away from the capital markets, before returning in September with a series of public deals. Elsewhere, political events in Turkey have left lira issuance surrounded in “uncertainty.”

    • 10 Oct 2019
  • EFSF and MuniFin attract solid demand in euro short end

    The European Financial Stability Facility (EFSF) and Municipality Finance drew plenty of interest in the short end of the euro curve on Thursday, with one of EFSF’s leads calling the three-year tenor the “perfect storm”.

    • 10 Oct 2019
  • ADB goes for double with dollars and green sterling

    Asian Development Bank hit the market twice on Thursday, grabbing $3bn of five year paper and selling its debut green bond — a £250m seven year trade.

    • 10 Oct 2019
  • Mizuho picks up four HY bankers

    A clutch of traders and sales bankers are joining Mizuho International within fixed income, focusing on high yield, investment grade, securitization and SSA.

    • 10 Oct 2019
  • Kommuninvest adds euros as a ‘strategic currency’

    Kommuninvest has added euros to its strategic funding markets for benchmark bonds alongside Swedish krona and dollars.

    • 10 Oct 2019
  • EBRD and ADB prepping green debuts

    Two supranationals are on screens for ESG firsts. The European Bank for Reconstruction and Development (EBRD) has announced its first green transition bond, while the Asian Development Bank (ADB) is preparing its first foray into the green bond market in sterling, capitalising on strong appetite from UK pension funds.

    • 09 Oct 2019
  • Italy gets huge book for dollar return, but questions linger over cost versus euros

    Italy delighted investors with its first dollar bond in almost a decade on Wednesday, as it raised $7bn across three tranches. However, bankers away from the deal said the sovereign paid up over its domestic cost of funding — something it had originally planned to avoid.

    • 09 Oct 2019
  • EFSF chooses threes as Ireland looks for green tap

    The European Financial Stability Facility (EFSF) is preparing its first benchmark of the fourth quarter and Ireland has picked the banks to lead the first tap of its sovereign green bond.

    • 09 Oct 2019
  • IDA pays up versus World Bank for euro debut

    The International Development Association (IDA) priced its debut euro benchmark around 5bp wider than its sister issuer, the World Bank, according to the leads.

    • 09 Oct 2019
  • SRI expert preps development finance comeback

    A climate and sustainable finance expert is set to leave SEB to return to the world of development finance.

    • 09 Oct 2019
  • Green sterling leads way in scorching SSAs

    The SSA market is on fire this week, with a series of large deals from borrowers all across the SSA spectrum, with green sterling deals enjoying a particularly hot streak.

    • 09 Oct 2019
  • Afreximbank pitches deal as 'epicentre' of African trade

    The African Export Bank (Afexrimbank) has filed initial paperwork before a potential float on the London Stock Exchange.

    • 09 Oct 2019
  • IADB and Land NRW get small sizes in sterling

    The Inter-American Development Bank and the State of North Rhine-Westphalia only managed to raise small sizes in the sterling market on Tuesday, with the leads on the latter declining to comment on whether the deal was fully subscribed.

    • 08 Oct 2019
  • Greece and Quebec shine in 10 year euros as IDA lines up debut

    Greece and the Province of Québec won strong books in the euro public sector bond market on Tuesday, with the latter returning to the currency for the first time since June 2018. An attractive basis swap for dollar funders to issue in euros has tempted the International Development Association (IDA) out on screens for its first euro benchmark.

    • 08 Oct 2019
  • SSAs fly in dollar fives

    Public sector borrowers enjoyed healthy subscription levels and minimal new issue concessions in the five year part of the curve as they returned to the dollar bond market following the Golden Week break in China.

    • 08 Oct 2019
  • JPM and LBBW execute first electronic €STR swap

    LBBW and JP Morgan have claimed first execution of an electronically negotiated euro short-term rate (€STR) swap transaction, on Bloomberg’s UK multilateral trading facility (BMTF).

    • 08 Oct 2019
  • Italy begins price discovery for dollar triple tranche

    Italy is out with initial price thoughts for its first dollar bond since 2010 as it aims to rebuild its curve in the currency. The sovereign is taking indications of interest for five, 10 and 30 year maturities, ahead of an expected launch on Wednesday.

    • 08 Oct 2019
  • EU ministers mull three ways to solve 'fragmentation' of EIB and EBRD

    EU finance ministers have been presented with three options for how to realign the European Investment Bank and European Bank for Reconstruction and Development. This could lead to the emergence of a new capital markets issuer.

    • 08 Oct 2019
  • Land NRW mandates for first Sonia FRN, leaves money markets

    The State of North Rhine-Westphalia (Land NRW) mandated banks on Monday for its debut Sonia-linked floating rate note, following its compatriot NRW.Bank, which sold its first trade in the format last week. The region has also decided to no longer use money market instruments for funding and liquidity management.

    • 07 Oct 2019
  • IADB picks sterling sustainable development bond debut

    The torrent of ESG supply shows no sign of slowing. Inter-American Development Bank’s debut sustainable development bond is set to come to market on Tuesday in sterling, alongside a sustainability bond from Bank Nederlandse Gemeenten.

    • 07 Oct 2019
  • Greece readies 10 year tap

    Greece has appointed a syndicate to lead a tap of the 10 year bond it issued earlier this year, in what will be its fourth public transaction of 2019. The trade will be joined in the market by a new 10 year euro benchmark from the Province of Québec.

    • 07 Oct 2019
  • SSA trio line up in dollars

    Three public sector borrowers announced dollar benchmarks on Monday, rekindling the market after a quiet week.

    • 07 Oct 2019
  • Italy announces long-awaited dollar return

    Italy is holding investor calls on Monday ahead of a planned multi-tranche global dollar benchmark, in what will be its first syndicated bond in the currency for almost a decade. The sovereign has been preparing its return to the public dollar market for a number of years and its plans were first reported by GlobalCapital.

    • 07 Oct 2019
  • Sweden’s DMO: bond will be ‘dark green’

    Sweden’s consideration of whether to issue a green bond has been careful and thorough, stretching over nearly three years and considering several objections. The Riksgälden (Swedish National Debt Office) is now determined to go ahead with a deal in 2020. Here, the Riksgälden answers GlobalCapital’s questions about its thinking.

    • 04 Oct 2019
  • IFC out in dollar fives

    International Finance Corporation has picked the banks to lead the first dollar benchmark of its 2019/20 financial year.

    • 04 Oct 2019
  • Citi picks Reijnoudt for Danish role

    Michiel Reijnoudt has been appointed as country officer for Denmark at Citi.

    • 04 Oct 2019
  • Sweden sets date for green bond debut at last

    Sweden has mandated SEB as structuring adviser on its debut green bond, to be issued in 2020. The announcement on Thursday morning for the first time puts a definite date on when Sweden will issue. The process of considering the idea has already taken nearly three years.

    • 03 Oct 2019
  • €STR body's gotta learn sometime

    If the ECB wishes its new risk free rate €STR to take off in the way that its UK and US cousins have, it must learn lessons from those country’s central banks on how to promote it.

    • 03 Oct 2019
  • World Bank draws flack in 30 year debut

    The World Bank made a brave foray into uncharted territory this week, printing a 30 year euro benchmark. Unfortunately for the supranational, the trade met with sharp criticism over its price, and speculation abounded that the deal had not been fully subscribed.

    • 03 Oct 2019
  • EIB defies demand concerns to print first €STR benchmark FRN

    The European Investment Bank won a huge reception from investors for its debut €STR-linked floating rate note (FRN) this week, ignoring concerns about a lack of demand amid negative rates in the euro market. While there is a lack of clarity about calculating €STR bonds’ fair value and on Euribor’s future, public sector borrowers are expected to embrace the risk-free euro rate.

    • 03 Oct 2019
  • People moves in brief

    MUFG hires derivs head from HSBC — ex-Stan Chart chief to chair ICG — DCM banker goes to sustainable finance centre

    • 03 Oct 2019
  • EIB completes currency sextet with dollar CAB

    The European Investment Bank pulled in over $3.8bn of demand for its first 10 year dollar benchmark in over a year, despite sharing screens with the supranational’s debut €STR-linked transaction. BNG is set to follow suit at five years with a sustainability bond.

    • 03 Oct 2019
  • Italy to issue green, seek deficit exemption

    Italy's new finance minister, Roberto Gualtieri, has said Italy "would like to issue green bonds" to finance investment in greening its economy. The Treasury has begun working on the project.

    • 03 Oct 2019
  • Ireland to syndicate green tap, Belgium to auction one

    Belgium and Ireland are looking at increasing the size of their green bonds in the fourth quarter. For Ireland it would be the first tap of its green bond since it was issued in October 2018.

    • 03 Oct 2019
  • EBRD in synthetic Tunisian dinar bond amid election

    The European Bank for Reconstruction and Development has issued a synthetic Tunisian dinar-linked note, the longest ever offshore issue in the currency, according to the swap market structurer.

    • 03 Oct 2019
  • Danske Bank finds Vest best fit for sustainability job

    KommuneKredit’s senior funding and investor relations manager Lasse Vest has left the Danish agency for Danske Bank.

    • 03 Oct 2019
  • EFSF tipped for belly of the curve

    The European Financial Stability Facility is likely to issue a new bond in the middle of the euro curve for its first outing of the fourth quarter, according to SSA DCM bankers.

    • 03 Oct 2019
  • Germany has four green bond options, will not relax deficit

    Germany is considering four options for its first green or sustainable bond issue, which is likely to come next year. But this will not mean an increase in borrowing — Germany will finance its climate change investments with taxes.

    • 02 Oct 2019
  • EIB wins impressive book in 10 year CAB

    The European Investment Bank pulled in over $3.8bn of demand for its first 10 year dollar benchmark in over a year, despite sharing screens with the supranational’s debut €STR-linked transaction. BNG is set to follow suit at five years with a sustainability bond.

    • 02 Oct 2019
  • EIB receives big reception for debut €STR FRN

    Investors warmly welcomed the first benchmark €STR-linked floating rate note on Wednesday, brushing aside previous concerns about a lack of demand for euro FRNs as a result of deeply negative rates in the currency.

    • 02 Oct 2019
  • World Bank fails to impress with 30 year euro benchmark

    There were no fireworks as the World Bank issued its longest ever euro benchmark on Wednesday, with the last book update showing a lower volume of orders than the deal size.

    • 02 Oct 2019
  • Italy gets blowout book for linker

    Italy’s first inflation-linked syndication in more than two years hit the market on Wednesday and raised €4bn from a book of €22bn, far outstripping the €6.4bn book for its previous linker sale.

    • 02 Oct 2019
  • Fisch spies bubble in 'Goldilocks' SSA market

    Contrary to growing fears of an impending recession, Fisch Asset Management believes that the global economy is in a “Goldilocks” period and recession is a distant prospect. But as a result, Fisch believes the SSA market is in “one of the biggest bubbles” it has experienced and faces a “quick and strong” correction.

    • 02 Oct 2019
  • OeKB makes sustainability debut

    Oesterreichische Kontrollbank hit screens on Tuesday with its first ever sustainability bond, raising €500m with an eight year benchmark.

    • 01 Oct 2019
  • NRW.Bank grabs £300m in Sonia FRN debut

    NRW.Bank was well subscribed for its inaugural Sonia-linked floating rate note on Tuesday, with the books closing just one hour after opening.

    • 01 Oct 2019
  • Italy to issue green bonds, seek deficit exemption for Green New Deal

    Italy's new finance minister, Roberto Gualtieri, has said Italy "would like to issue green bonds" to finance investment in greening its economy. Meanwhile, the Treasury has given a mandate for a new inflation-linked bond.

    • 01 Oct 2019
  • EIB goes green with rare trip to dollar long end

    The European Investment Bank hit screens with a $1bn no-grow global 10 year Climate Awareness Bond on Tuesday. The issuer has not printed a 10 year dollar benchmark since May 2017.

    • 01 Oct 2019
  • IDA and IBRD both winding up for euros

    The International Development Association (IDA) is preparing to issue its first euro benchmark, holding an investor call on Tuesday. The World Bank, IDA's sister issuer, is set to come to market on Wednesday for its longest ever euro benchmark.

    • 01 Oct 2019
  • EIB to bring first benchmark €STR FRN, but demand in question

    After mandating banks last week to explore a three year benchmark €STR-linked floating rate note, the European Investment Bank is moving forward with the deal, with initial price thoughts released ahead of an expected launch on Wednesday — the day the rate starts being published by the European Central Bank. However, some market participants have questioned the extent of investor demand for euro FRNs with negative rates commonplace in the currency.

    • 01 Oct 2019