Currencies
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, October 12. The source for secondary trading levels is ICE Data Services -
KfW mandated banks for a seven year euro benchmark on Monday, a deal which was already expected to arrive this week and could well be the German agency’s final public deal in the currency this year.
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Canpack, a Poland-based packaging company, is making its debut in the euro and dollar high yield market this week, as it seeks to shake off the constraints of its private placement-based capital structure and prepare for expansion in the US.
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Singapore’s United Overseas Bank issued a A$500m ($362.2m) bond in Australia on Friday, as a lack of financial paper in the market drove investor demand.
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Unédic will follow up this week’s eight year social bond with another two social bonds to wrap up its 2020 state guaranteed funding programme.
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Banque Fédérative du Crédit Mutuel made its annual visit to the Samurai bond market this week, raising ¥63.6bn ($600m) across three tranches in a senior preferred format.
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Deal arrangers expect bank bond supply will peter out after a flurry of deals this week. Issuers have been enjoying fantastic conditions, but most of them have finished their funding plans early so they can lay low throughout a much-feared fourth quarter. Tyler Davies and Bill Thornhill report.
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Green, social and sustainable issuance has dominated the supranational and agency bond market for a whole month, consistently outpacing conventional supply. This week proved another extremely strong one for the asset class.
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Raiffeisen Schweiz surpassed expectations with a self-led additional tier one (AT1) deal on Wednesday, printing Sfr525m ($572.4m) after finding strong international demand.
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Unédic returned for another social benchmark on Thursday, adding to the slew of successful French agency SRI-themed paper.
