Crédit Agricole
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The International Finance Corporation proved that there is demand for the tightest of issuers at the 10 year part of the dollar curve, after it printed a $700m April 2026 global green bond on Wednesday. -
Issuers have nipped into the euro market after Easter with some canny deals. Meanwhile the dollar market was watching US Federal Reserve chairperson, Janet Yellen, who on Tuesday said that the possibility of further rate hikes was “not a plan set in stone”.
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The International Finance Corporation is set to extend its green — and conventional — curve with its first 10 year dollar syndication for over 20 years, in what bankers suggest will be the strongest indicator so far for the level of demand returning to the tenor.
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Will euros or dollars dominate SSA bond issuance in the second quarter? Debate over the direction of primary markets broke out this week with issuers scheming arbitrage trades in euros, while others believe the dollars will win out. Craig McGlashan reports.
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SNCF Réseau became the second SSA issuer of the week to target the long end of the euro curve, printing a €500m May 2037 on Wednesday.
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Fiat Chrysler Automobiles issued €1.25bn of unsecured bonds on Wednesday, the second crossover deal in the European corporate bond market this week.
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State Bank of India launched its $500m fundraising into general syndication on Tuesday via eight mandated lead arrangers and bookrunners.
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A trio of issuers in euros joined the sole dollar SSA benchmark deal this week in a flurry of pre-holiday activity, with a banker away from the this week's action remarking that the terrorist attacks in Belgium were likely to have a limited effect on SSA deals.
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Zodiac Aerospace, the French aeroplane seat maker, has sold a seven year Euro private placement to refinance an older Euro PP and the first instalment of a Schuldschein, both issued in 2013.
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Unédic and the European Stability Mechanism nipped in ahead of the Easter holiday to print euro benchmarks, in seven and 20 year tenors, respectively.
