Currencies
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KfW could be set to hit screens with a euro benchmark next week in what may be its final public deal in the currency this year, according to bankers. The bond is likely to come with a seven year maturity, a tenor that the Free State of Saxony struggled with on Thursday, finishing with the book only around half covered. -
Another slew of socially responsible SSA deals hit screens on Wednesday, all achieving impressive size and healthy order books, showing the strength of the market in euros for the borrower class.
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Ronald Hinterkircher, Raiffeisen Schweiz’s current co-head of capital markets in Zurich, is set to retire next month after over 40 years in the capital markets.
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Woori Bank is set to make its Kangaroo bond debut, seeking to tap the Australian dollar market to fund its coronavirus response.
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The German State of North Rhine-Westphalia came to market on Monday for its final benchmark bond issue of 2020 — a €2.4bn sustainability bond. Although NRW is winding up this year's funding, there are still plenty of deals in the pipeline from its fellow Laender.
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The European Financial Stability Facility mandated banks on Monday to lead a euro dual tranche transaction in what could be the issuer’s first and final outing of the fourth quarter.
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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. That trend looks set to continue with three SRI deals already on screens.
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Now that SSAs are back to pricing at the spreads they offered before coronavirus hit, central bank investors are pushing back and reducing their orders.
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Public sector debt market participants are still on tenterhooks, awaiting the arrival of the EU’s now much delayed funding programme. Many of the sector’s top borrowers have all but cleared their decks in preparation, but some are still grappling with inflated borrowing requirements as a result of the coronavirus pandemic. Lewis McLellan reports.
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Syngenta, the agricultural chemical and seed company, returned to the Swiss franc market this week for its second Swissie bond of the year — a blowout three year deal that surpassed the market’s expectations.
