Currencies

Investors were delighted to add more exposure to Macquarie Group on Wednesday, after the Australian issuer returned to euros for its second senior deal of the year.

Luminor Bank was more than 3-1/2 times subscribed on its return to the euro market on Wednesday, allowing it to demonstrate a year-on-year improvement in its senior funding costs.

Ford shrugged off its loss of investment grade status to return to the Swiss franc market this week after a 19 year absence to print a three year deal targeted at private bank investors.

The Central Bank of the Republic of Turkey delivered a much anticipated interest rate hike on Thursday, fulfilling market watchers' hopes that the country will reform its way to economic recovery. A trip to the primary bond market for the sovereign could be imminent.

The People’s Republic of China returned to the European market on Wednesday, part of its plan to make euro bond outings an annual exercise. The €4bn transaction was a blow-out, with the order book well oversubscribed — and one of the three tranches achieving the sovereign’s first negative yield. Morgan Davis reports.

Ford is set to pull into the Swiss franc bond market after a 19 year absence, having appointed a trio of banks to commence investor calls ahead of a potential deal.

The People’s Republic of China is planning a comeback to the euro bond market this week, one month after selling its first dollar trade in the US.

Kommuninvest will come to market this week for a seven year Swedish krona green bond.

KfW finished off this year’s funding programme with a €2bn green bond tap on Thursday, bringing the outstanding to €6bn and making it the largest ever non-sovereign green bond line.

Société de Financement Local (SFIL) was over 5-1/2 times covered as it brought its long-awaited debut green bond to the market on Friday, allowing it to price well inside fair value.

French bank Société Générale made a triumphant return to the dollar market this week, with its first additional tier one (AT1) capital issue in the currency for more than two years.

Financial institutions jumped into action this week, as positive news on the development of a Covid-19 vaccine led to superlative funding conditions in the euro market.