Currencies

Africa Finance Corporation (AFC), the pan-African development finance institution, has held investor calls ahead of its first green bond issue that Swiss franc bankers expect to launch next week.

Rentenbank made an impressive entry to the green benchmark bond market this week with its biggest ever order book in euros by overall size and number of accounts. Head of funding Leopold Olma, who has spent 20 years with the German development agency’s funding team, called it the “ultimate transaction”.

Swedish debt purchaser Intrum sold a tap of its 4.875% 2025 unsecured notes on Wednesday, intending to use the funds to part-pay its revolving credit facility. With a strong backdrop, and plenty of RCF drawings still outstanding, the company increased the deal by €50m during syndication.

The Dutch State Treasury Agency has revised down its 2020 borrowing programme as a result of a better improvement than expected in its cash deficit.

Sovereign green bonds are becoming almost commonplace in Europe, but not all are convinced. Slovakia has no intention to enter the market, saying it is a costly exercise that “would not help anyone”.

The New Zealand Treasury reduced its 2020/21 funding programme by NZ$10bn ($6.75bn) to NZ$50bn on Wednesday as its economy shows signs of a quicker recovery than seemed likely after the coronavirus lockdown earlier this year.

Rentenbank impressed SSA bankers on Tuesday as rolled out its debut benchmark green bond. The deal is expected to pay no new issue premium at the final spread.

The Africa Finance Corporation, the pan-African development finance institution (DFI), has mandated a pair of banks to lead its first ever green bond issue, which it will sell publicly into the Swiss franc market.

Altice France is marketing a €900m equivalent eight year bond across dollars and euros, coming hot on the heels of Friday’s announcement that Patrick Drahi, the billionaire owner of the telecoms group, was trying to take Altice Europe private.

China National Chemical Corp (ChemChina) made a splash in the bond market this week with a dual currency five-tranche deal that raised close to $3bn.

The World Bank hit screens on Monday with a new seven year New Zealand dollar bond; the first at that tenor from a foreign issuer in almost 18 months.

Rentenbank is moving forward with its plans to issue a debut euro green benchmark bond following a series of investor meetings over the past few weeks.