Crédit Agricole
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The New Development Bank and Kommuninvest began marketing new dollar benchmarks in the short end of the curve on Monday, with the former set to issue its long-awaited debut deal in the currency to support its member countries from the coronavirus pandemic. -
The Islamic Development Bank (IsDB) has mandated for a sustainability sukuk, half a year after making its socially responsible investment debut with a green bond. It will use the proceeds to support Covid-19 relief efforts.
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Hong Kong power generator Castle Peak Power Co began marketing an energy transition bond on Monday morning, marking just the second transition bond to be sold in Asia.
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Transition bonds were the hot idea of 2019 in green finance circles, appearing to offer a way to expand themed bonds to a much wider range of issuers. But the product has struggled to gain momentum. This week’s deal from Snam, the Italian gas grid company, confirmed that it has an audience, among both issuers and investors.
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Conditions in the financial institutions bond market worsened this week but plenty of senior and subordinated bonds still got away. With credit spreads unpredictable, the supply outlook remains favourable, said bankers.
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A wide gamut of deals across asset classes filtered through the Swiss franc market this week. Gyrations in swaps allowed Crédit Agricole to come flat on euros on Thursday, while also giving investors a great deal on a long end Lausanne trade.
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Unédic, the French unemployment agency, raised €4bn on Wednesday with a November 2029 social bond — its third under its new funding programme, which consists entirely of social bonds.
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Two sovereigns pulled off successful deals on Wednesday, adding to the pile of syndicated European government bond issuance this week.
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Unédic is preparing to issue its second social bond following its debut trade in the format less than a month ago — itself the biggest social bond ever from any issuer.
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After three eurozone sovereigns hit the primary market on Tuesday, more supply will follow on Wednesday with Germany setting its sights on its second syndicated transaction after returning to the format in May, helping it deal with a much bigger funding programme in response to the coronavirus pandemic.
