BNP Paribas

Belgium achieved one of its tightest new issue premiums for years with its inaugural green bond, as green-minded investors from across Europe — and at central banks — piled into the deal on Monday.

Equity repo, a way to lend shares to the market, is a key parameter in equity derivatives trading but is yet to be fully considered and monetised. Given the opportunities that exist in the space, market participants would do well to change tack.

Three public sector borrowers hit screens in euros on Tuesday, taking advantage of a hot market to offer zero or limited new issue premiums.

Five new investment grade corporate bond deals were priced on Tuesday and, while pricing was competitive, none of the issuers allowed for any growth in the size of the deals as all five used a no-grow strategy.

Two South African corporates are in the market for syndicated loans amid South Africa’s cabinet reshuffle, after former president Jacob Zuma resigned earlier this month.

Republic of Senegal is planning to make its first funding foray into euros, following its fellow West African nation Cote d’Ivoire to fund in its natural currency.

The Tropical Landscapes Finance Facility (TLFF) secured $95m from Asia’s first corporate sustainability bond on Monday.

South Korea’s Hyundai Capital Services was confident of finding support in a busy bond market on Monday, sealing $500m from an opportunistic trade that was launched without a roadshow.

Kernel, the Ukrainian grain and sunflower producer, has signed a $100m pre-export finance facility with a syndicate of European banks.

The Kingdom of Belgium hit the market on Monday with its long awaited first green OLO. The sovereign received strong demand for the deal, tightening its spread by 3bp and pulling in a book of €12.7bn.

The European Union’s upcoming April 2033 euro benchmark may have to offer a little more premium than usual if it wants to match a similar trade from the European Investment Bank last week and attract strong French demand, said bankers away from the mandate. Other euro supply in the pipe includes CPPIB Capital — also with a 2033 issue — and Rentenbank in sevens.

The Bank of England’s annual €2bn three year dollar issue was comfortably oversubscribed on Monday, but the smaller volume of orders compared with last year and lack of price movement reflected both the greater difficulty in printing short dated deals and investor pushback against super tight swap levels, said bankers. That may have played a role in FMS Wertmanagement’s decision on Monday to mandate for a five year dollar deal, they added.