SSA - Article Archive

  • IDA impresses with 10 year debut

    The International Development Association sold its first ever 10 year dollar benchmark on Tuesday, raising an impressive $2bn, sharing the market with a couple of shorter deals from European borrowers.

    • 04.15 PM
  • EU completes hat-trick of SURE bonds

    The European Union impressed once again as it sold the third bond under its Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme on Tuesday.

    • 04.00 PM
  • Bots prepares 2021 launch for DCM platform

    Bond Origination Technologies (Bots), a new tech company that aims to automate pricing indications in the primary debt capital markets, has completed an initial fundraising round and formed an advisory board ahead of a launch next year. GlobalCapital spoke to the founders to find out more about the product.

    • 12.30 PM
  • Warrington targeting bond via UK MBA

    The UK Municipal Bonds Agency is set to come to market for its third bond ever — this time, on behalf of Warrington Borough Council.

    • 23 Nov 2020
  • EU’s third SURE bond approaches

    The European Union’s third outing to fund its Support to Mitigate Unemployment Risks in an Emergency programme is set to hit the market on Tuesday in the shape of a 15 year tenor — matching the maturity of its loans.

    • 23 Nov 2020
  • IDA lines up 10 year dollars

    The International Development Association will hit the market on Tuesday for a 10 year dollar benchmark — the first since such deal Cades came in mid-October.

    • 23 Nov 2020
  • MTNs join bank sub-benchmark flurry

    Banks were busy issuing sub-benchmark sized deals in the euro public market last week, prompting several issuers to follow suit in the MTN market.

    • 23 Nov 2020
  • Funding scorecard: French agencies

    This week's funding scorecard looks at the progress French agencies have made in their funding programmes in November.

    • 23 Nov 2020
  • NWB and Kommuninvest line up for dollars

    Nederlandse Waterschapsbank and Kommuninvest will both take to the dollar market this week, sneaking in ahead of the Thanksgiving holidays.

    • 23 Nov 2020
  • Kommuninvest and Sweden share Swedish krona market

    Kommuninvest and the Kingdom of Sweden both took to the market this week, pulling off successful trades in a buoyant market.

    • 20 Nov 2020
  • World Bank scoops close to $10bn in bumper week

    World Bank double-dipped this week, hitting the sterling market on Monday and the dollar market on Tuesday, focusing its efforts longer in the curve to increase the duration of its portfolio.

    • 19 Nov 2020
  • EU braces for ‘game of chicken’ over recovery fund

    The European Union faces its bitterest internal conflict yet, with member states drawing battle lines over the receipt of EU funds becoming dependent on states adhering to the rule of law. The conflict risks delaying or sinking the EU’s recovery fund, but capitulating would weaken its ability to oversee how the money is used, writes Lewis McLellan.

    • 19 Nov 2020
  • EU’s biggest funding test yet to come

    By all measures, the first two transactions of the European Union’s arrival as a supersized issuer in the capital markets were tremendous successes. The order books were world beaters, the new issue premiums were tiny despite the huge deal sizes, and the secondary performance has been incredible. But while it has been plain sailing so far, there are bigger tests ahead.

    • 19 Nov 2020
  • Italy returns to dollars following second Futura

    Italy made a strong return to the dollar market on Tuesday with a deal over three times covered, which came following the conclusion of the sovereign’s second BTP Futura bond sale at the end of last week.

    • 19 Nov 2020
  • Ontario Teachers get blowout response for debut green outing

    Ontario Teachers’ Finance Trust hit the market on Thursday for the issuer’s first ever green bond — a €750m no-grow 10 year, for which it received an overwhelming response, causing a 7bp tightening.

    • 19 Nov 2020
  • IFAD plans ‘innovative approach to funding’ after rating verdict

    The International Fund for Agricultural Development received its second credit rating on Thursday, marking another step towards its debut in capital markets. CFO Alvaro Lario spoke to GlobalCapital about its plans.

    • 19 Nov 2020
  • SSAs up deal sizes thanks to extra demand.

    The European Bank for Reconstruction and Development landed $1.5bn of five year paper on Wednesday — $500m more than it was originally targeting, thanks to stronger than anticipated demand.

    • 18 Nov 2020
  • EU scores with MFA tap before third SURE deal

    The European Union received strong demand as it tapped a June 2035 line on Wednesday to finance loan disbursements under its Covid-19 Macro-Financial Assistance (MFA) programme.

    • 18 Nov 2020
  • BNG wraps up 2020 benchmark programme with biggest ever dollar book

    Bank Nederlandse Gemeenten concluded its benchmark funding programme for the year on Tuesday with a dollar sustainability bond that garnered the issuer's bigger ever order book in the currency.

    • 18 Nov 2020
  • UK’s green plan slammed for lack of funding

    Boris Johnson, UK prime minister, announced on Tuesday night a 10 point plan for the environment, including phasing out petrol cars by 2030. But policy specialists are disappointed that the plan lacks financing commitments and especially that there is no announcement of a national investment bank.

    • 17 Nov 2020
  • Croydon’s insolvency could be just the beginning

    Giving cheap loans with few restrictions to local authorities via the Public Works Loan Board is not a suitable replacement for central government funding. This must change, or London Borough of Croydon will only be the first council to fall into insolvency.

    • 17 Nov 2020
  • Italy returns to dollars as World Bank takes $8bn with dual tranche

    Dollars was the flavour of the day for public sector borrowers on Tuesday as three issuers headed to the currency, raising a combined $12bn. Two more SSAs will follow with dollar deals on Wednesday.

    • 17 Nov 2020
  • EU holds fire on 15 year SURE bond

    The European Union was expected to hit the market this week for the third syndicated bond under its Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme. But with no mandate announcement in sight, the borrower will likely wait until next week, according to SSA bankers.

    • 17 Nov 2020
  • Poland and Hungary block EU recovery fund over rule of law

    The EU recovery fund has hit a major obstacle in its journey to capital markets. Hungary and Poland have vetoed the "own resources decision", which would allow the EU to access the bond market on its own account.

    • 17 Nov 2020
  • World Bank, BNG to make pincer movement on dollar market

    A pair of SSA issuers are targeting two separate sectors of the dollar market on Tuesday.

    • 16 Nov 2020
  • Kommuninvest lines up Swedish krona green bond

    Kommuninvest will come to market this week for a seven year Swedish krona green bond.

    • 16 Nov 2020
  • Italy goes back to the Futura with less demand than debut

    Italy received less interest for its second BTP Futura bond last week than its inaugural deal in the format earlier in the year.

    • 16 Nov 2020
  • Belgium cuts 2020 funding requirement

    The Belgian debt agency has reduced its gross borrowing needs for 2020 by almost €10bn, with the sovereign’s OLO issuance also expected to be less than previously forecast.

    • 16 Nov 2020
  • KfW winds up funding with green tap

    KfW finished off this year’s funding programme with a €2bn green bond tap on Thursday, bringing the outstanding to €6bn and making it the largest ever non-sovereign green bond line.

    • 13 Nov 2020
  • SFIL prices inside fair value with debut green bond

    Société de Financement Local (SFIL) was over 5-1/2 times covered as it brought its long-awaited debut green bond to the market on Friday, allowing it to price well inside fair value.

    • 13 Nov 2020
  • IFC jumps into strong Kangaroo bond market

    The International Finance Corporation became the latest supranational borrower to hit the Kangaroo bond market on Friday, coming after the World Bank’s monstrous deal earlier in the week.

    • 13 Nov 2020
  • Funding scorecard: European supranationals and agencies

    This week's funding scorecard looks at the progress of Europe's supranationals and agencies in mid-November. Joining the scorecard this week is the European Union, which launched its Support to Mitigate Unemployment Risks in an Emergency (SURE) programme in October.

    • 13 Nov 2020
  • Green Gilts carry risks as well as benefits

    Will Sir Robert Stheeman become the Green Knight?

    • 12 Nov 2020
  • UK’s Gilt and Taxonomy plans spark hopes of green bond surge

    The UK’s announcement that it would begin issuing green Gilts next year is raising hopes that it will inspire more green bond issuance from UK borrowers. But market participants are eager to see how the UK handles setting up a green debt programme and its own green taxonomy. Lewis McLellan and Jon Hay report.

    • 12 Nov 2020
  • SSAs look to finish 2020 in MTNs

    Issuers are winding down their funding programmes before the end of the year and several smaller SSAs have turned to MTNs to complete the little they have left to do. The big deals of the week, however, came from corporates, with Volkswagen and Eurogrid coming in at opposite ends of the curve.

    • 12 Nov 2020
  • World Bank seizes ‘perfect opportunity’ for monster Kangaroo bond

    World Bank gave the flagging volumes in the SSA Kangaroo bond market a huge boost this week by printing the biggest ever bond in the sector in a single outing with a combined A$1.65bn ($1.19bn) deal across two tranches.

    • 12 Nov 2020
  • French borrowers lead way in euros

    The euro SSA market was dominated by French issuers this week, with borrowers working swiftly to finish off their enlarged 2020 funding programmes once the EU had cleared the decks.

    • 12 Nov 2020
  • Italy preps dollar return as SSAs hit post-US election market

    Italy held a series of investor calls on Thursday in preparation for a trip to the dollar bond market. Italy returned to the currency last year after almost a decade away, and announced that it intends to access the market every year.

    • 12 Nov 2020
  • Lagarde implies yield compression is official ECB policy

    One of the European Central Bank's outright aims is to suppress government bond yields, ECB president Christine Lagarde hinted in a keynote speech on Wednesday.

    • 12 Nov 2020
  • See EU next week: RFPs sent for new 15 year SURE bond

    The European Union is planning a swift return to the capital markets next week, sending a group of banks a request for proposals on Thursday for a new 15 year syndicated social bond under its Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme.

    • 12 Nov 2020
  • Sweden lines up following Gothenburg green trade

    The Kingdom of Sweden will come to market on Wednesday for a new 25 year Swedish krona benchmark, coming on the heels of a green bond from the City of Gothenburg.

    • 11 Nov 2020
  • Unédic out for 10 year money

    Unédic, the French unemployment agency, will look to complete its €15bn funding programme on Thursday, coming to market in the footsteps of the EU’s second outing.

    • 11 Nov 2020
  • OTFT plans debut green bond

    Ontario Teachers’ Finance Trust (OTFT) is preparing to issue its inaugural green bond under its new framework aligned to the International Capital Market Association’s Green Bond Principles.

    • 11 Nov 2020
  • Another SURE success as EU returns for €14bn

    The European Union achieved an impressive result once again on Tuesday, raising €14bn for its Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme on Tuesday.

    • 10 Nov 2020
  • World Bank prints monster Kangaroo

    World Bank hit the Kangaroo bond market this week, raising an impressive A$1.65bn ($1.2bn) across two tranches in its only syndication in the currency this year.

    • 10 Nov 2020
  • Pushing EU loans is no job for the ECB

    Yves Mersch, one of the ECB governing council’s staunchest hawks, has a new argument for why the central bank must abridge its purchase programmes: by keeping down the borrowing costs of the eurozone periphery, the ECB is helping countries to “circumvent EU loans”, which he thinks should not be allowed to happen.

    • 10 Nov 2020
  • UK seeks to regain green edge with Gilts, own Taxonomy, TCFD rule

    The UK will issue its first green Gilts next year, create its own Taxonomy of green activities and oblige large companies and investors to report as recommended by the Task Force on Climate-Related Financial Disclosures by 2025, the chancellor of the exchequer Rishi Sunak said on Monday.

    • 09 Nov 2020
  • French SSA borrowers lining up in EU’s wake

    Unédic and Caisse d'Amortissement de la Dette Sociale (Cades) still have sizeable amounts of funding to raise before the end of the year and, with only a few weeks remaining, will look to issue after the EU clears the decks this week.

    • 09 Nov 2020
  • World Bank goes for Aussie dollar dual tranche

    World Bank announced a dual tranche in Australian dollars on Monday — its first syndication in the currency in 2020.

    • 09 Nov 2020
  • Eurofima lays out the tracks for post-US election dollar SSA supply

    Eurofima, the supranational institution that finances European rolling stock, will become the first public sector borrower to test investors’ appetite for dollar bonds following the US presidential election.

    • 09 Nov 2020
  • EFSF nips in with quick €1bn tap ahead of EU’s SURE return

    The European Financial Stability Facility made a quick and impressive visit to the euro market on Monday, concluding its funding needs for the year, ahead of the European Union’s second outing under its Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme, which is expected to be priced on Tuesday.

    • 09 Nov 2020
  • Meet the (probable) next US president

    Many have heard of Frost/Nixon, a great play — and later a film — based on the real interviews David Frost did with US president Richard Nixon after his impeachment and resignation. But here's a 1987 BBC interview by David Frost with Joe Biden, before his first tilt at the presidency.

    • 06 Nov 2020
  • BoE boosts QE, Gilts unmoved

    The Bank of England added £150bn to its quantitative easing programme at its monetary policy meeting on Thursday. The move will go a long way to soaking up the additional supply of Gilts.

    • 06 Nov 2020
  • EU tees up sophomore effort

    The European Union will likely go big once again for its second trip to the capital markets to fund its Support to Mitigate Unemployment Risks in an Emergency funding programme, and the obstacles to its €750bn recovery fund are slowly falling away.

    • 05 Nov 2020
  • No blue wave but US stimulus still likely

    Just because it seems unlikely that in the US election the Democrats will take both the White House and the Senate, it does not mean that capital markets should become despondent about a fiscal stimulus package that could have reached $2.3tr had the so-called "blue wave" made a clean sweep.

    • 05 Nov 2020
  • US announces third straight record quarter of borrowing

    The US Treasury has announced its intention to borrow $122bn over the next three months, marking the third time in a row that it has announced record borrowing volumes.

    • 05 Nov 2020
  • Swiss franc November pipeline builds

    A pipeline of deals is building in the Swiss franc bond market for when the US election is concluded. Among those circling the market is Caisse des Dépôts et Consignations, which could finish its 2020 funding with a public benchmark.

    • 05 Nov 2020
  • Germany underwhelms with second green bond amid US election volatility

    Germany found lacklustre demand for its second ever green bond on Wednesday. The sovereign had to contend with a big drop in Bund yields following uncertainty over the US election result.

    • 04 Nov 2020
  • SSAs to shrug off US vote uncertainty

    The US presidential election result was far from clear on Wednesday morning but, while uncertainty is never a popular result, the SSA market is unlikely to be derailed for long.

    • 04 Nov 2020
  • Equity buyers pile on risk ahead of US vote as SSA market awaits restart

    As Americans went the polls on Tuesday, equity investors were positioning themselves for a decisive Democrat victory and a rally in stocks. While primary markets fell silent across asset classes, the pipeline for SSA bonds will likely spring back to life whatever the result. For riskier asset classes, the immediate future for primary markets is less clear.

    • 03 Nov 2020
  • ECB promises stimulus as Pepp slows to lowest rate

    The ECB calmed investors’ fears last week, promising more stimulus to compensate for pandemic-related shocks. But despite this, purchasing under the Pandemic Emergency Purchase Programme (Pepp) is at its slowest rate ever.

    • 03 Nov 2020
  • Eppf enters arena as funding avenue for UK councils

    The London Borough of Sutton hit the market on Monday for £100m, opting to print the deal via European Primary Placement Facility (eppf), a digital bond issuance platform based in Luxembourg.

    • 02 Nov 2020
  • EU expected to bring another colossal dual-tranche with second SURE deal

    The European Union will likely go for a big size once again for its second trip to capital markets to fund its Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme. SSA bankers expect the sophomore outing to hit screens next week.

    • 02 Nov 2020