Currencies

Flughafen Zürich sold its first deal this week since it lost its double-A rating in July, finding the opportunity to price a Sfr200m bond at an “aggressive” level.

France and Belgium announced borrowing programmes for 2021 this week. France is aiming for the same amount as this year, while Belgium is paring back its needs.

France has lined up its 2021 funding programme, looking to sell some long end syndications and to return to the green bond market for its sophomore outing in the format.

The Belgian debt agency has announced its borrowing for 2021, reducing its requirements relative to the amount it has raised in 2020 — although it is a sharp increase relative to the amount it planned to raise this year before the pandemic hit.

Saxony elected to bring a 15 year benchmark to market on Tuesday, launching the deal in an otherwise deserted primary market. The negative yield told against the deal, which was sold without being fully subscribed.

BPCE incorporated a call option into one of its Samurai deals for the first time on Thursday, when it raised about $430m equivalent of non-preferred senior paper, including one social leg.

Münchener Hypothekenbank (MunHyp) made use of an impressive spread tightening in the Swiss franc market to follow up Pfandbriefbank’s monthly issue with an even tighter covered deal of its own.

Macquarie achieved a decade low print for a five year Australian dollar floater this week, as the lack of supply from financial issuers in 2020 has sent spreads grinding downwards.

The Riksbank, Sweden’s central bank, is adding a “negative screening” process to its purchases of corporate bonds under its quantitative easing programme, meaning it will no longer buy the bonds of the most polluting companies.

World Bank printed a dual tranche kauri bond on Thursday, vastly exceeding the amount it had targeted and setting the size record for SSA issuers in the currency.

Deal arrangers expect that next week will be the last real window for issuance in 2020, with investors set to close down activity from the middle of December.

Two public sector borrowers hit the euro bond market on Wednesday, raising what might well be the final benchmark funding of 2020.