Supranationals & Agencies - All Articles

  • IFFIm hits screens ahead of US election

    The International Finance Facility for Immunisation is lining up its first dollar benchmark since April 2019, selling into a market crowded with borrowers looking for short dated taps.

    • 05.00 PM
  • Flurry of taps in euros as ECB approaches

    Four borrowers hit the euro market on Wednesday, focusing on taps and small new lines. The issuers are seizing their opportunity to sell before this week's European Central Bank press conference and nest week's US elections.

    • 04.30 PM
  • ADB launches big kangaroo trade capitalising on looming QE

    Asian Development Bank printed the largest SSA kangaroo benchmark of the year on Tuesday, taking advantage of a brief issuance window and capitalising on expectations of the start of quantitative easing in Australia.

    • 12.00 PM
  • Scandie SSA issuers plump for short dated dollars

    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.

    • 27 Oct 2020
  • World Bank erases memories of 2019 with strong 30 year euro return

    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.

    • 27 Oct 2020
  • SSA secondary pricing update: EU's SURE debut screeches tighter

    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.

    • 27 Oct 2020
  • EIB plans final public outing of 2020

    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.

    • 26 Oct 2020
  • Tax rethink will completely change Swiss bond 'side dish', says departing veteran Ronald Hinterkircher

    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.

    • 26 Oct 2020
  • MTN investors on hold ahead of election

    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.

    • 23 Oct 2020
  • EU big fish breaches at last with historic SURE splash

    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. Lewis McLellan and Bill Thornhill report.

    • 22 Oct 2020
  • Will the Next Gen loans be needed?

    Europe’s bevy of recovery lending packages is undoubtedly a welcome gesture, but it may remain just that — a gesture. If trends continue as they are, some countries may prefer market lending to concessional loans from Europe.

    • 22 Oct 2020
  • World Bank seizes ‘perfect’ timing for $6bn jumbo deal

    The World Bank sold its second supersized bond of 2020 as it capitalised on a calm market and a lack of competing supply in dollars this week, as well as leaning on the strength of its name, which continues to attract new investors looking to make an impact investment.

    • 22 Oct 2020
  • ESM’s pandemic credit lines ‘will be used’ says CFO

    The European Stability Mechanism’s Pandemic Crisis Support credit lines will eventually be drawn on by euro area member states, according to the institution’s chief financial officer, Kalin Anev Janse.

    • 22 Oct 2020
  • World Bank snags $6bn with SDB

    The World Bank blew the cobwebs out of the dollar market on Wednesday, raising $6bn with a five year Sustainable Development Bond.

    • 21 Oct 2020
  • Denmark scores with foreign currency comeback

    The Kingdom of Denmark made a rare appearance in dollars on Tuesday, printing $2bn in its first outing outside its domestic market in six years. Its success in the currency has emboldened the World Bank to follow suit.

    • 20 Oct 2020
  • AFD mandates for inaugural sustainable bond as Greece lines up tap

    Two public sector borrowers will follow the EU’s record breaking success in the euro market on Wednesday, with Agence Française de Développement looking to sell its debut bond under its new framework tied to the UN's Sustainable Development Goals (SDGs) and Greece tapping its 2035s.

    • 20 Oct 2020
  • Investors more than SURE as EU achieves ‘world record’ success with debut pandemic bond

    The European Union impressed as it sold its highly anticipated debut syndicated bond under its Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme on Tuesday, with the deal receiving record breaking demand at minimal new issue premiums.

    • 20 Oct 2020
  • EU's green bond issuance risks 'falling short'

    The EU's plan to issue large volumes of green bonds as part of its recovery plan will shape that market, but it also risks undermining it due to a discrepancy as to what what counts as green, according to two experts.

    • 19 Oct 2020
  • EU arrives at long last with mandate for debut SURE bond

    The European Union finally hit screens on Monday afternoon to announce the highly anticipated debut syndicated bond under its Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme.

    • 19 Oct 2020
  • ESM flies by to wrap up 2020 funding ahead of EU’s grand arrival

    The European Stability Mechanism wasted no time in getting its final trade of the year done on Monday ahead of the European Union’s highly anticipated debut syndicated bond under its Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme.

    • 19 Oct 2020
  • Supras plug away in quiet week

    Focus was on the public market this week, with supranationals making up the majority of MTN supply.

    • 16 Oct 2020
  • Funding scorecard: supranationals

    This week's funding scorecard looks at the progress supranationals have made in their funding programmes in mid-October.

    • 16 Oct 2020
  • IADB to roll out hurricane clauses as small state pleas gain traction

    The Inter-American Development Bank could soon become the first multilateral lender to offer its borrowing countries the option to defer debt payments in the event of natural disasters, as Caribbean policymakers’ calls to make debt more resilient to climate events gain traction.

    • 15 Oct 2020
  • Malpass begins to thaw on climate change

    Sceptics feared that Trump appointee David Malpass would reverse the World Bank's direction on climate change as president, but 18 months into his term they are starting to see evidence that he is quietly coming round to the multilateral's green agenda

    • 15 Oct 2020
  • EIB makes climate finance mainstream as taxonomy unlocks standards

    The European Union’s new green grammar book is multiplying the impact of climate finance. From funding to lending to innovation, the EU Taxonomy is helping embed climate throughout the European Investment Bank’s activities.

    • 15 Oct 2020
  • What EU gonna do now? SSA market debates supersized SURE start

    The public sector bond market is alive with debate on one topic: what will the European Union’s highly anticipated debut trade for its colossal Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme look like? With the deal expected next week, months of questions are about to be answered. Burhan Khadbai reports.

    • 15 Oct 2020
  • Euro SSA market strong ahead of EU arrival

    It was a moderate week for supply in the primary euro public sector bond market but the issuers that did come found ample demand, setting up a decent backdrop for the expected arrival of the European Union’s big borrowing programme next week.

    • 15 Oct 2020
  • AIIB goes ‘from 0 to 100’ with sterling debut

    The Asian Infrastructure Investment Bank made a huge statement with its first sterling bond this week, achieving an impressive size at a tight price with participation from a wide pool of accounts, in what is another significant step for the borrower as it continues its road towards a frequent and diversified presence in the capital markets.

    • 15 Oct 2020
  • CEB begins pre-funding for 2021

    The Council of Europe Development Bank (CEB) took advantage of a strong market on Wednesday to issue its first ever benchmark transaction for pre-funding purposes.

    • 15 Oct 2020
  • EIB emphasises development as Covid exposes global economic weakness

    The European Investment Bank isn’t letting the Covid-19 pandemic divert it from its common purpose, but is focusing it more clearly than ever on the development sphere.

    • 14 Oct 2020
  • AIIB rolls out second currency for benchmark issuance with sterling debut

    The Asian Infrastructure Investment Bank achieved a strong result as it made its debut in the sterling bond market on Wednesday, making it the second currency in which the Beijing-based supranational has issued a benchmark transaction.

    • 14 Oct 2020
  • Austria mandates for 20 year as ESM posts RFP

    The Republic of Austria picked banks to lead a new 20 year euro benchmark on Wednesday, while the European Stability Mechanism surprised some market participants by sounding out banks for a deal next week, which could clash with the EU’s grand arrival as a supersized issuer.

    • 14 Oct 2020
  • EIB 2020: When ambition becomes transformation

    The European Investment Bank took a bold step when it announced in November last year that it would end funding for fossil fuel projects, alongside a slew of ambitious targets. This year has been about putting in place the roadmap for its transformation

    • 13 Oct 2020
  • Cades preps second dollar social bond

    Caisse d’Amortissement de la Dette Sociale (Cades) will add a new point on its dollar social bond curve with a 10 year trade on Wednesday, where it will be joined by two other public sector issuers in the currency.

    • 13 Oct 2020
  • KfW and Paris score in quiet euro SSA market ahead of EU’s arrival

    KfW and Ville de Paris grabbed the attention of investors at the opposite ends of the euro curve on Tuesday in what has been a thin week for issuance in the currency by public sector borrowers ahead of the expected arrival of the EU’s first syndicated bond under its Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme next week.

    • 13 Oct 2020
  • SSA secondary pricing update: Land NRW and EFSF trade tighter

    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 12. The source for secondary trading levels is ICE Data Services

    • 13 Oct 2020
  • AFD publishes SDG bond framework

    Agence Française de Développement has unveiled a new broader thematic bond framework tied to the UN's Sustainable Development Goals (SDGs) which will allow it to issue social and sustainable bonds alongside its existing green bonds.

    • 13 Oct 2020
  • KfW readies seven year euro benchmark

    KfW mandated banks for a seven year euro benchmark on Monday, a deal which was already expected to arrive this week and could well be the German agency’s final public deal in the currency this year.

    • 12 Oct 2020
  • EU expected to go for size with 10 or 20 year maturity for first SURE bond

    The European Union will likely issue a jumbo trade of above €5bn with a 10 or 20 year maturity for the first syndicated bond from its highly anticipated Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme, with the maiden deal expected to hit screens next week, according to SSA bankers.

    • 12 Oct 2020
  • Dependable EIB steers steady course through Covid storm

    It has been a year of tumult in the capital markets but you would not know that from examining the results of the European Investment Bank’s funding programme in 2020 and comparing it to 2019.

    • 12 Oct 2020
  • AIIB to hit screens for debut sterling sustainable development bond

    The Asian Infrastructure Investment Bank announced on Friday that it will come to market for a sterling sustainable development bond.

    • 09 Oct 2020
  • Unédic eyes two more social bonds before year end

    Unédic will follow up this week’s eight year social bond with another two social bonds to wrap up its 2020 state guaranteed funding programme.

    • 09 Oct 2020
  • Funding scorecard: French agencies

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

    • 09 Oct 2020
  • SRI supply wave strengthens but no fatigue yet

    Green, social and sustainable issuance has dominated the supranational and agency bond market for a whole month, consistently outpacing conventional supply. This week proved another extremely strong one for the asset class.

    • 08 Oct 2020
  • Blazing euro market ready for SURE

    The euro market has been on spectacular form this week, with well oversubscribed books and slight new issue premiums. The strong results sent a good signal for the arrival of the EU, which sent out a request for proposal to 20 eligible banks on Friday to launch its €100bn funding programme.

    • 08 Oct 2020
  • Record year for Swedish krona SSA bonds

    Swedish krona SSA volumes are at a record high this year, spurred on by a handful of jumbo supranational deals sold at wider spreads during the second quarter. However, the market has since tightened, and bankers expect it to have a more muted end to 2020.

    • 08 Oct 2020
  • People news in brief

    ESM's Ruhl seconded to European Commission — Hinterkircher to retire — JP Morgan offers front office investment banking apprenticeships

    • 08 Oct 2020
  • Unédic impresses with latest social outing

    Unédic returned for another social benchmark on Thursday, adding to the slew of successful French agency SRI-themed paper.

    • 08 Oct 2020
  • KfW rumoured for next week as Saxony sells only half of seven year bond

    KfW could be set to hit screens with a euro benchmark next week in what may be its final public deal in the currency this year, according to bankers. The bond is likely to come with a seven year maturity, a tenor that the Free State of Saxony struggled with on Thursday, finishing with the book only around half covered.

    • 08 Oct 2020
  • ESM’s head of funding to join Commission on secondment

    Siegfried Ruhl, the head of funding and investor relations at the European Stability Mechanism, will be seconded to the European Commission later this month as it gears up for its vast borrowing programme.

    • 08 Oct 2020
  • SRI issuers enjoying strong results in tightening euro mart

    Another slew of socially responsible SSA deals hit screens on Wednesday, all achieving impressive size and healthy order books, showing the strength of the market in euros for the borrower class.

    • 07 Oct 2020
  • IFC sells biggest ever sterling bond as basis swap improves for non-UK funders

    The International Finance Corporation made a strong return to the sterling market on Tuesday by printing its biggest ever bond in the currency with a negative new issue concession, as issuance heats up thanks to an improvement in the cross currency basis swap for dollar and euro borrowers.

    • 07 Oct 2020
  • EBRD prints record Sofr deal

    The European Bank for Reconstruction and Development ventured out to raise its largest ever bond linked to the secured overnight financing rate (Sofr) this week in what otherwise a thin week for issuance in dollars.

    • 07 Oct 2020
  • EU’s SURE to be 100% funded with social bonds

    The EU confirmed on a global investor call on Wednesday that 100% of the funding for its much-anticipated €100bn Support to Mitigate Unemployment Risks in an Emergency (SURE) programme will come in the form of social bonds.

    • 07 Oct 2020
  • Scorching SSA euro mart makes most of EU delay

    The euro SSA market caught fire this week, with a slew of impressive deals hitting screens on Tuesday, all ending up well oversubscribed. Investors seem to be taking every opportunity to soak up SSA paper before the arrival of the delayed EU funding programme.

    • 06 Oct 2020
  • Société du Grand Paris ups funding programme

    Société du Grand Paris plans to steam ahead with funding as it announced a doubling of its green EMTN programme and a substantial increase to its 2020 funding programme to help prefund the financing for the next three years of the Grand Paris Express project.

    • 06 Oct 2020
  • ESMA supports supervision of green bond raters

    Steven Maijoor, chair of the European Securities and Markets Authority (ESMA), has said EU legislation covering green bond reviewers would help ensure the legitimacy of the proposed Green Bond Standard.

    • 05 Oct 2020
  • EFSF hits screens with dual tranche, big size expected

    The European Financial Stability Facility mandated banks on Monday to lead a euro dual tranche transaction in what could be the issuer’s first and final outing of the fourth quarter.

    • 05 Oct 2020
  • SRI wave rolls on through SSA mart

    Green, social and sustainable issuance has dominated the supranational and agency bond market for a whole month, consistently outpacing conventional supply. That trend looks set to continue with three SRI deals already on screens.

    • 05 Oct 2020
  • Funding scorecard: European supranationals and agencies

    This week's funding scorecard looks at the progress of Europe's supranationals and agencies at the start of the fourth quarter.

    • 05 Oct 2020
  • Asian central banks push back on pricey SSAs

    Now that SSAs are back to pricing at the spreads they offered before coronavirus hit, central bank investors are pushing back and reducing their orders.

    • 02 Oct 2020
  • IFAD gets credit rating in preparation for private placement issuance

    The International Fund for Agricultural Development has received a AA+ rating from Fitch, becoming the first UN fund to be rated. The move is a prelude to issuing private placements, according to IFAD treasurer Ben Powell.

    • 02 Oct 2020
  • BNG EUR1bn 0.01% Oct 32 sustainability bond

    • 01 Oct 2020
  • EU delay offers late SSA funders last gasp window

    Public sector debt market participants are still on tenterhooks, awaiting the arrival of the EU’s now much delayed funding programme. Many of the sector’s top borrowers have all but cleared their decks in preparation, but some are still grappling with inflated borrowing requirements as a result of the coronavirus pandemic. Lewis McLellan reports.

    • 01 Oct 2020
  • Low yield environment bites at pricey dollar long end

    Two borrowers visited the long end of the dollar curve this week and while both completed their deals successfully, investors clearly displayed more appetite for the higher yielding of the pair.

    • 01 Oct 2020
  • BNG prints longest ever sustainability bond

    Bank Nederlandse Gementeen kicked off a busy week for socially responsible bond issuance by public sector borrowers with a well-received 12 year sustainable bond, its longest ever deal in that format.

    • 01 Oct 2020
  • ‘EDDI is dead’: market forum opens talks on a different form of harmonisation

    The proposed European Distribution of Debt Instruments (EDDI) project as a one-stop synchronised front to back office platform for the eurozone bond markets is unlikely to come to fruition, with the focus now centred on a far different proposition, according to senior members of a market forum spearheading the talks.

    • 01 Oct 2020
  • €STR falls to record low, leaves CP on edge

    The Euro Short Term Rate (€STR) hit a record low on Wednesday as the latest round of TLTRO funding raised liquidity in the banking system. If €STR is to settle at this new low, it could impact commercial paper funds as investors withdraw in search of higher yields.

    • 01 Oct 2020
  • Tannenbaum to run EMEA cap markets at BofA

    Bank of America has promoted Jeff Tannenbaum, its head of debt capital markets and leveraged finance EMEA, to head of global capital markets for the region.

    • 01 Oct 2020
  • SSA bankers expect EFSF to go for size ahead of EU’s big arrival

    Public sector bond bankers expect the European Financial Stability Facility to raise a big chunk of its funding needs for the fourth quarter next week ahead of the start of the European Union’s vast borrowing programme later in the month.

    • 01 Oct 2020