Currencies
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Emerging market investors are anticipating a wave of corporate and FIG issuance from across the CEEMEA region, which they say will be welcomed with open arms. Russian petrochemical company Sibur is the latest such borrower looking to being a new bond, hosting investor calls on Monday. -
Agence Française de Développement hit the market twice this week, taking advantage of the absence of competing supply to pick up cash in euros and dollars. Thibaut Makarovsky, head of funding and market operations at the agency, discussed the deals with GlobalCapital.
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Investors flooded the books for Austria’s latest foray into ultra-long debt, with more than €17bn of orders for a bond maturing in 2120 with a yield of only 88bp. But despite the clear appetite for duration, some are concerned that recent, unprecedented monetary stimulus will lead to inflation, writes Lewis McLellan.
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The Nordic Investment Bank dropped into a busy Kauri market that has so far seen NZ$1.3bn ($835.8m) of SSA deals this month.
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Pharmaceutical manufacturer Ferring launched its first public bond on Thursday. The sector's prominent role during the coronavirus pandemic helped to drive up demand.
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Austria returned to the 100 year part of the curve — a tenor it has made its own — receiving its strongest ever order book for the maturity.
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The New Zealand Debt Management Office has announced the tenors for the first syndications of its 2020-21 fiscal year, following on from last week’s record-breaking deal.
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The second slice of the ThyssenKrupp Elevator financing hit the market on Wednesday, with €4bn of bonds announced across secured and unsecured tranches in dollars and euros, joining the €3bn of loans earlier this week as part of the package to fund Europe’s largest LBO in a decade.
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Agence Française de Développement printed a €1bn tap on Tuesday, while Fondo de Amortisacion del Deficit Electrico (FADE) landed €1.2bn at five years.
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Austria mandated banks on Tuesday to lead its second century bond, in what will be a litmus test for investor appetite in the ultra-long end of the curve since the outbreak of the Covid-19 crisis.
