Currencies
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Public sector debt market participants are still on tenterhooks, awaiting the arrival of the EU’s now much delayed funding programme. Many of the sector’s top borrowers have all but cleared their decks in preparation, but some are still grappling with inflated borrowing requirements as a result of the coronavirus pandemic. Lewis McLellan reports. -
Syngenta, the agricultural chemical and seed company, returned to the Swiss franc market this week for its second Swissie bond of the year — a blowout three year deal that surpassed the market’s expectations.
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Bank Nederlandse Gementeen kicked off a busy week for socially responsible bond issuance by public sector borrowers with a well-received 12 year sustainable bond, its longest ever deal in that format.
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The City of Bremen was heavily undersubscribed as it came to the market with an eight year bond on Thursday, in what is the region’s second consecutive public deal that has failed to reach full subscription.
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The Development Bank of Japan will kick-off a series of investor calls on Thursday for its first sustainability bond under its freshly updated framework, which includes assets related to its response to the Covid-19 pandemic.
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Singapore’s DBS Bank ventured into the Kangaroo market on Wednesday in search of tier two debt. Though Australian dollar tier two volumes have remained stable year on year, there is a marked decline in offshore issuance so far in 2020.
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Finland is unlikely to pay another visit to the syndicated or private placement markets this year and will instead look to round off its long-term funding needs with a tap via auction.
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French agency Caisse d'Amortissement de la Dette Sociale returned to the euro social bond market on Tuesday, equalling its impressive achievement earlier this month to print another €5bn deal.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, September 28. The source for secondary trading levels is ICE Data Services
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Germany’s national debt management agency, the Finanzgentur, has outlined its issuance plans for the fourth quarter, which includes the details of the sovereign’s second ever green bond following its debut deal in the format earlier this year.
