Currencies
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Swisscom raised Sfr100m ($110m) on Thursday with an 11 year bond sold without the involvement of an intermediary bank. The company worked with Swiss fintech company Valyo to issue the bond through its platform that directly connects issuers and investors. -
Two public sector borrowers managed to get euro deals done in the primary market ahead of the European Central Bank’s governing council meeting on Thursday, with World Bank issuing its biggest ever bond in euros longer than 10 years and Hamburg comfortably crossing the line despite an embarrassing start to the execution process.
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The Republic of Korea wowed investors in the dollar and euro markets on Wednesday, with a record $1.45bn-equivalent dual-tranche bond. The deal, split between 10 year dollar and five year euro notes, was priced at ultra-tight spreads — including a negative yield for the euro tranche. Morgan Davis reports.
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The City of Hamburg began taking indications of interest with initial price thoughts for a 30 year bond on Wednesday afternoon ahead of schedule after one of the leads accidentally sent out a message announcing the official opening of order books.
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Caisse d’Amortissement de la Dette Sociale (Cades) made an impressive debut in the social bond market on Wednesday with the biggest ever deal in the format by any issuer, overtaking the previous record set by Unédic earlier in the year.
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All eyes were on Italy in the primary euro public sector bond market on Tuesday as it pipped Spain for the biggest ever order book for a eurozone sovereign syndicated bond in the 20 year part of the curve.
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Italy is returning to the international debt market for another syndication, its first since June.
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The Republic of Korea has picked banks to arrange meetings to promote a pair of international bonds, including one in euros, which would be the country’s first in the currency for six years.
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The Grand Duchy of Luxembourg launched Europe’s first sovereign sustainability bond to big demand on Monday morning, allowing the sovereign to bring the spread in by 6bp during pricing.
