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GC Asia
SSA - Article Archive
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Deutsche Telekom dials down under
Deutsche Telekom dialled in to the Aussie dollar market after an almost two year absence this week, extending its curve to 2041.
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Pepp pace increase still to come
It is almost a month since the ECB promised to “significantly increase” the pace of its purchases under the Pandemic Emergency Purchase Programme. So far, the purchase data reveals little in the way of acceleration, but the head of the Italian treasury Davide Iacovoni says it’s on the way.
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Harsh sell-off grips govvies worldwide, but primary market to truck on
Government bonds around the world were hit by a wave of selling on Friday morning without an obvious trigger from new data or central bank policy updates. However, traders believe a heavy supply schedule and news of increasing deficits are likely to blame.
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Funding scorecard: French agencies
This week's funding scorecard looks at the progress French agencies have made in their funding programmes at the beginning of April.
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EU seeks up to €5bn for EFSM programme
The European Union sent banks a request for proposals on Thursday to fund a maturity lengthening operation for Portugal and Ireland under its European Financial Stabilisation Mechanism (EFSM) programme. More sovereigns could also enter the market
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Wide swap spreads fuel white hot dollar mart
The SSA dollar bond market sprang into life this week with a slew of impressive deals. With swap spreads yawning wider at the short end and a fairly flat curve to five years, borrowers could soon be issuing sub-Libor deals in the belly of the curve.
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Portugal opts for ‘daring’ pricing approach with new 10 year bond
Portugal syndicated a new 10 year bond on Wednesday, and drew parallels to deals from Italy and Spain deals earlier in the year as it aimed for a small new issue premium and an high quality order book rather than one of colossal size. But in order to avoid huge drops in the book by slashing the spread, as Italy and Spain had done, Portugal began the price discovery process at a tight level.
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KfW and CPPIB break spread barriers in red hot dollar short end
KfW and CPPIB Capital achieved super tight pricings in the short end of the US dollar market on Thursday, with the former bringing the first deal with a negative spread to mid-swaps in the currency by a public sector borrower this year.
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CEB nabs pricey SIB while Andalucia makes sustainability debut
The Council of Europe Development Bank hit the market for €500m on Thursday, with a pricey bond carrying a social inclusion bond label. On the same day, Andalucia sold its first ever sustainability bond.
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First SSA green bond fund would buy SLBs
NN IP has launched the world’s first green bond fund dedicated to sovereign, supranational and agency bonds. GlobalCapital spoke to Douglas Farquhar, client portfolio manager at NN IP, about the SSA green bond market.
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KfW prints biggest non-sovereign green bond
KfW hit the market with an impressive green bond this week, raising a record €4bn of eight year paper and paying only 1bp of new issue concession to do so.
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Powell to return to SEB after IFAD spell
Ben Powell is set to return to his old stomping ground at SEB after 18 months as treasurer for the International Fund for Agricultural Development.
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KfW lines up at short end of hot dollar mart
KfW will be the next public sector issuer joining the action in the dollar bond market. It has picked banks for a two year bond, taking advantage of hefty swap spreads at the short end of the curve. The trade follows a slew of longer dated deals on Wednesday.
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Portugal brings in spread by just 1bp with ‘transparent’ pricing process
Portugal began the price discovery process for its new 10 year syndicated bond on Wednesday close to fair value in an effort to give as much clarity to investors as possible on the final level, according to lead managers.
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Trump exit unleashes Financial Stability Board to act on climate
The G20’s Financial Stability Board is cranking up its action on climate change again now that Donald Trump is no longer US president. This will feed the hopes of some sustainable finance supporters who want the FSB to drive progress on issues including environmental accounting.
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PMM: The pandemic and the SSA primary market
This week’s Primary Market Monitor takes a look back at the last 15 months, tracking the impact of the pandemic on the SSA primary market.
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SSA trio lines up for five year dollar paper
Three SSA borrowers were set to come to market for five year paper on Wednesday, with two targeting fixed rate benchmarks and the other a five year floater linked to the secured overnight financing rate.
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Italy and Portugal lead post-Easter euro sovereign charge
Italy and Portugal are the first two eurozone sovereigns out of the blocks for syndications following the Easter break, with the former looking to extend its curve by a further five years.
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France returns to lockdown, but OAT buyers shrug
French president Emmanuel Macron announced on Wednesday that stringent lockdown measures imposed in some areas will be extended nationally for a month. Though the measures will cost France €11bn, it is unlikely to provoke a serious response in France’s bond market.
