Banks

Public sector borrowers soaked up huge demand in the euro market on Tuesday including the State of North Rhine-Westphalia, which printed its biggest ever 100 year bond despite offering a yield of less than 1%.

KfW and Swedish Export Credit Corporation (SEK) achieved strong results in sterling on Tuesday despite extremely volatile conditions in the currency as a result of uncertainty around the impact of Brexit and the rising cases of coronavirus in the UK, which has affected swap spreads and the cross-currency basis swap for non-UK borrowers.

The dollar SSA market leapt into action on Tuesday with an impressive deal from the European Investment Bank. Two more are set to follow on Wednesday, including a 10 year benchmark.

Standard Chartered and Crédit Agricole jumped into the long end of the yield curve on Tuesday, as the pair looked to harness the desire for long-dated dollar debt.

Lucy Baldwin is joining Citi in April as head of research and equity advisory within the markets and securities services division (MSS).

Luigi Nalini SpA, an investment vehicle representing the Nalini family, has sold €64.5m of stock in Carel Industries, the Italian maker of air conditioning and humidifier systems, via an accelerated bookbuild on Monday night.

A pair of senior non-preferred bonds from Swedbank and Société Générale on Tuesday followed Monday’s opener from ING. With three household names now having established pricing points, rarer borrowers are starting to fill the pipeline.

The Republic of Indonesia, a keen issuer in dollar and euro markets, launched a euro-denominated benchmark bond on Tuesday, jumpstarting its funding for the year.

The Republic of Slovenia has repeated its 2020 feat of being the first sovereign issuer in CEEMEA to launch a bond by coming to the market with a mandate on Tuesday. Despite the apparent rush for bond funding, however, many believe that EU funding will provide some of what CEE countries would otherwise have taken from public bond markets.

American insurers Metropolitan Life and Athene Holding had a busy start to the year as they tapped the sterling, euro and dollar markets to issue a quartet of funding agreement backed (FAB) securities.

Société Générale has hired Stephane About from Natixis, where he held a senior role in the Corporate and Investment Bank.

Indian borrowers re-entered the bond market on Monday, led by the Export-Import Bank of India which printed the country’s first dollar deal of 2021.