Currencies
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Bpifrance launched a rare Friday deal this week, raising €1bn with a 10 year benchmark and managing to move the spread 3bp. -
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Bpifrance has announced a euro benchmark, following in the footsteps of two other French issuers that came to market this week.
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The State of North Rhine Westphalia launched a dual tranche bond on Thursday, having postponed the deal due to last week’s crowded and volatile market.
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Santander and Barclays ended multi-year absences from the Swiss franc market to land a pair of senior deals flat to euros this week as funding diversification trumped arbitrage considerations.
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Crédit Agricole issued a callable Samurai bond this week that will reset to a spread over the local government bond curve, as the yen market transitions away from Libor ahead of its cessation later this year.
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Asfinag, the Austrian state-owned agency that manages the country's motorways, had the euro market to itself on Wednesday. A cheap starting point earned the borrower a huge order book for the €500m bond.
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A favourable move in the basis swap allowed the Province of Quebec to return to the Swiss franc market after seven years away this week, landing its latest bond at a spread flat to its domestic curve.
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Three public sector issuers hit the market with euro deals on Tuesday, but each opted to raise €500m or less. Their success could embolden Land NRW to return with its deal, but the market has yet to be tested by an issuer of its class.
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Yapi Kredi Bank and Garanti Bank this week became the latest Turkish banks to refinance syndicated loans, in the process raising ESG-linked facilities. The trend towards ESG-linked financing is not driven by the desire to cut costs, which for many has been only symbolic, but by a desire to help boost borrowers’ credentials and to make life easier for international lenders.
