Sub-Sovereigns - All Articles

  • Growing non-core SSA issuance approaches record high

    With SSA issuers' programmes rising to accommodate their responses to the coronavirus pandemic, the volume of deals transacted in niche currencies is closing in on a record high. With offshore interest in local currency deals healthy, however, many major banks are missing out on a busy and increasingly active market.

    • 29 Jun 2020
  • Outcome-based financing is here to stay

    It has been a long time coming. Social impact bonds, in which the investor's return is based on the outcome of a social project, were invented 10 years ago. This week, one was issued for the first time by an organisation recognised as a full member of the mainstream European capital markets.

    • 18 Jun 2020
  • Impact bonds enter main market with Stockholm diabetes deal

    Region Stockholm brought social impact bonds into the mainstream European capital markets this week, with a transaction aimed at preventing people from developing diabetes. With healthcare financing top of the agenda in capital markets because of Covid-19, the deal raises the prospect that other issuers could turn to outcome-based financing. Frank Jackman and Jon Hay report.

    • 18 Jun 2020
  • Hyundai parks green Swiss franc deal

    Hyundai pulled into the Swiss franc bond market this week with a three-year green deal that was priced with a substantial new issue premium (NIP). Elsewhere, nuclear energy provider AKEB sold one of the highest yielding bonds of recent weeks.

    • 18 Jun 2020
  • EIB and Brandenburg hit sparse euro SSA market

    The European Investment Bank and the State of Brandenburg have mandated banks to bring euro deals on Thursday, in what has been an extremely thin week for supply with issuers well funded and some weakness in secondaries.

    • 17 Jun 2020
  • Region Stockholm sells health impact bond

    Region Stockholm printed a health impact bond on Tuesday. It is an example of a social impact bond. Unlike a vanilla social bond, the repayment and interest on the bond are directly linked to the success of the funded health project.

    • 16 Jun 2020
  • Supporting sovereigns and aiding the private sector: agencies bridge gaps

    The coronavirus crisis has brought the role of the public sector agency into sharper focus than ever. With companies suffering devastating losses of revenues, sovereigns are doing their best to shoulder the burden and ensure companies have what they need to protect jobs. To do this, many sovereigns are leaning on their agencies as the best way to transmit economic support packages. GlobalCapital held a roundtable in mid-May to discuss the impact of the coronavirus pandemic on the agency sector and how it is managing the crisis.

    • 15 Jun 2020
  • Financing a crisis: Europe’s sovereigns fund pandemic response

    The world is facing an unprecedented crisis, the economic effects of which we are only beginning to understand. Sovereign funding will be at the heart of the effort to mitigate those effects. GlobalCapital hosted a virtual roundtable in May to discuss the effects that the pandemic is having on sovereigns’ borrowing requirements and market access, and how they are handling the situation.

    • 15 Jun 2020
  • Flemish Community plans dual tranche as public finances take hit from Covid-19

    The Flemish Community has mandated banks to arrange the sale of new seven and 30 year bonds as the Belgian sub-sovereign looks to pump in cash to finance a budget deficit which has arisen from the coronavirus pandemic.

    • 15 Jun 2020
  • Crédit Agricole comes flat to euros in Swissies

    A wide gamut of deals across asset classes filtered through the Swiss franc market this week. Gyrations in swaps allowed Crédit Agricole to come flat on euros on Thursday, while also giving investors a great deal on a long end Lausanne trade.

    • 11 Jun 2020
  • Germany stimulus boost unlikely to affect NRW borrowing needs

    Germany is set to announce extra fiscal stimulus next week, a portion of which will be dealt with at regional level. But one state treasury official does not believe it will affect his Land's borrowing programme.

    • 02 Jun 2020