Currencies
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The strong momentum in the euro public sector bond market continued on Thursday with Italy receiving a huge reception for a new 30 year line, which was sold alongside a tender of various outstanding Italian government bonds. -
Permira opted to rescue its debt purchasing portfolio company Lowell from the restructuring that many thought was imminent, with the largest slug of equity support any sponsor has injected in Europe since the coronavirus pandemic began. Covid-19 has crushed cashflows for some debt purchasers, but next year should be a bumper year for NPL buying — for those firms with cash to do so, writes Owen Sanderson.
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Italy and the Province of Québec will add to the euro public sector supply on Thursday, hoping to capitalise on the strong momentum in the currency following the European Union’s record order book earlier in the week.
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Two public sector borrowers will follow the EU’s record breaking success in the euro market on Wednesday, with Agence Française de Développement looking to sell its debut bond under its new framework tied to the UN's Sustainable Development Goals (SDGs) and Greece tapping its 2035s.
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Deal arrangers say the euro market is wide open for the return US bank issuance, following a very successful trade from Bank of America this week.
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China Development Bank (CDB) raised nearly $3bn from dollar and euro bonds on Monday, appealing to investors due to its rarity in the debt market.
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Agricultural Bank of China and Bank of China’s investment arm tapped the bond market on Thursday, joining a host of other issuers that also sought fresh funding.
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It was a moderate week for supply in the primary euro public sector bond market but the issuers that did come found ample demand, setting up a decent backdrop for the expected arrival of the European Union’s big borrowing programme next week.
