Currencies
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Pfandbriefbank Schweizerischer Hypothekarinstitute woke up the Swiss franc market on Tuesday by selling the first bond in almost a fortnight. -
The Reserve Bank of Australia surprised market participants by deciding to continue with its current tapering schedule from September, despite the reimposition of lockdown measures to combat the spread of the coronavirus Delta variant in Australia.
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Morgan Stanley ventured north of the 49th parallel this week to visit a Maple bond market that is on course for its busiest year for financial institutions issuance since the 2008 financial crisis.
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Avic International Leasing Co turned to the euro market on Tuesday for a sub-one year bond, but the deal’s short tenor and a rough issuance backdrop led to tepid investor response.
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The Republic of Indonesia veered off its usual funding plan by heading into the bond market this week with a dollar-euro combination trade, at a time when it is feeling the brunt of a big spike in Covid-19 cases. But the stability in secondary market trading and a fall in US Treasuries offered the sovereign an opportunity to top up its coffers, writes Morgan Davis.
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The SSA bond market is playing host to three SRI labelled deals in euros this week, with no conventional debt slated for issuance at all so far.
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Metropolitano de Tenerife, the public transport company that operates the Tenerife tram system, made its bond market debut on Tuesday, raising €130m with a 15 year green bond.
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A pair of SSA borrowers are set to squeeze a pair of benchmarks in on Tuesday just before the summer holidays period commences in earnest.
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All Swiss franc new issues are set to switch over to the market’s new risk-free rate after the summer break, local syndicate desks have announced.
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The Reserve Bank of New Zealand announced on Wednesday that its quantitative easing programme will come to a surprisingly sudden stop on July 23.
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Covered bond primary activity slowed to a trickle in euros on Wednesday as DekaBank issued an oversubscribed sub-benchmark sized five year public sector covered bond amid a pick-up in European Central Bank purchases. At the same time, Muenchener Hyp (MuHyp) tapped the Swiss franc market in the wake of a four part Sfr910m ($992m) deal issued on Tuesday by Swiss Pfandbriefbank.
