Currencies

Large global systemically important banks (G-SIBs) showed the primary market was still in good shape on Monday, despite recent volatility. Bank of America added to a recent funding spree with a three-part euro deal, while Credit Suisse tested euros and sterling amid close scrutiny of its investment banking exposures.

Île-de-France Mobilités, the state-owned authority for public transport in the Île-de-France region, is set to make its first trip to the green bond market. The borrower intends to use green bonds for around 60% of its financing needs until the end of 2025.

Guarantor: Federal Republic of Germany

BNP Paribas sold its first Samurai bond not to reset to Japanese Libor on Friday, ahead of the risk free rate's cessation later this year.

Guarantor: Ontario Teachers’ Pension Plan Board

Triple-B credit OC Oerlikon achieved a remarkable result on Monday, said bankers, as it issued a Sfr575m three tranche deal, which it will use to fund its acquisition of INglass. It was joined on screens by Pfandbriefbank's smallest deal since 2019.

Market participants expect to see the end of “vanilla” deals in the European bank bond market, as tier two debt becomes the latest asset class to embrace call periods over call dates.

Bart Van Dooren, head of funding and investor relations at Bank Nederlandse Gemeenten, will be retiring in January.

Two SSA borrowers landed in the euro bond market on Wednesday while a third lined up business for next week. Issuers may still be achieving good results but bankers believe conditions are turning bad.

Barclays returned to the Kangaroo bond market this week after being absent for two years to raise A$600m across three tranches of holding company debt. The market was split over which tranche offered the most value in pricing.

LimakPort, the Turkish international port, entered the debt market on Tuesday, while Turk Eximbank has successfully secured a dollar syndicated loan facility. Turkish issuers are demonstrating resilience, market participants say, amid the heightened levels of domestic and political volatility in the last three months.

Barclays is set to end a two year absence from the Kangaroo bond market this week, as it seeks up to three tranches of callable senior debt.