Currencies

Spain’s expected bond syndication, thought to be coming this week, now appears unlikely, according to several SSA bankers.

The European Union has passed the penultimate hurdle delaying its €100bn Support to mitigate Unemployment Risk in an Emergency (SURE) programme, all but clearing the way for issuance to begin. But one country’s request for funds has not yet been granted.

Africa Finance Corp, the pan-African development finance institution, printed its first green bond on Monday – the first in Swiss francs from a CEEMEA supranational.

Spain, which is said to be readying a 10 year deal will have to contend with S&P's decision to change its ratings outlook for the country to negative on Friday. However, its secondary curve has not been badly affected.

A number of syndicated deals from German regions have failed to reach full subscription over the last few weeks. It is not clear whether they will respond by offering greater new issue premiums.

The World Bank visited the Maple market on Thursday to print the largest ever seven year Canadian dollar bond from a non-domestic issuer, raising C$750m ($569.8m) with a new sustainable development bond (SDB).

Beijing Enterprises Holdings took €500m from its maiden green bond on Thursday, helped by support from the bookrunners on the deal.

Guarantor: Federal Republic of Germany

Africa Finance Corporation (AFC), the pan-African development finance institution, has held investor calls ahead of its first green bond issue that Swiss franc bankers expect to launch next week.

Rentenbank made an impressive entry to the green benchmark bond market this week with its biggest ever order book in euros by overall size and number of accounts. Head of funding Leopold Olma, who has spent 20 years with the German development agency’s funding team, called it the “ultimate transaction”.

Swedish debt purchaser Intrum sold a tap of its 4.875% 2025 unsecured notes on Wednesday, intending to use the funds to part-pay its revolving credit facility. With a strong backdrop, and plenty of RCF drawings still outstanding, the company increased the deal by €50m during syndication.

The Dutch State Treasury Agency has revised down its 2020 borrowing programme as a result of a better improvement than expected in its cash deficit.