Banks
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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. -
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The fourth quarter began on a rocky note for global equities but the US high grade bond market has shrugged off concerns about stalling growth and issuance conditions remain strong.
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The loan market has finally amended an existing facility to reference Sonia as its pricing benchmark, though the Bank of England has warned that the loan market still needs to do “much more work” to move away from Libor.
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Investor sentiment is turning against primary emerging market bonds. Investors’ newfound discipline, a host of new issues in the market, and a volatile backdrop has meant that several trades this week were letdowns. Now, investors are vowing to be more cautious in the coming weeks. Even if US rates are cut further, yield no longer trumps all other concerns, writes Francesca Young.
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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.
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Banco Santander hit screens this week to sell its first green bond. The deal attracted orders more than five times its €1bn size.
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Commerzbank has come through a period of intense scrutiny with a no-nonsense strategy that reflects its culture. A dash of investment banking ambition is thrown in, writes David Rothnie.
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Red Eléctrica de España, Spain's electricity grid operator, and Alstom, the French maker of railway rolling stock, have announced roadshows, after a fallow week for new euro issuance.
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The UK’s Sonnedix has signed €189m of non-recourse financing, with the independent solar power producer financing an acquisition of 55 MW of generational capacity in northern France.
