Currencies

Turkey has stood out among emerging market countries for its rapid-fire approach to monetary policy, as it attempts to turbo-charge growth amid the coronavirus pandemic. But with sustained downward pressure on the lira, few foreign investors are willing to buy in. The crisis is also causing a hedging conundrum.

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, May 11. The source for secondary trading levels is ICE Data Services.

The lure of prestigious, fee-paying Bund syndications has driven banks to up their bids in Germany’s auctions, driving up the bid to cover ratio on its auctions and bringing down the sovereign’s cost of funds.

Rentenbank jumped into a quiet Kangaroo market on Thursday to print its first Australian dollar bond since August 2019.

Macau casino operator SJM Holdings is in talks with lenders for covenant waivers on a HK$25bn ($3.2bn) facility, as it faces delays over opening a new resort in Asia’s gambling hub.

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Instituto de Crédito Oficial (Ico) was almost seven times covered for its four year Covid-19 social bond on Wednesday, as investors continue to support deals to tackle the pandemic. The European Stability Mechanism could follow with a similar maturity next week, after it sent banks a request for proposals (RFP).

Germany smashed its return to the syndicated bond market on Wednesday with its biggest ever order book and deal in the format, which was priced flat to fair value at the final spread, according to the leads.

SBAB Bank found plenty of room to tighten the pricing on a new preferred senior deal in euros on Wednesday, after investors welcomed the trade’s green credentials.

Instituto de Crédito Oficial (Ico) is holding a series of investor calls to introduce its updated social bond framework ahead of a transaction which will be specifically used to target the effects of the coronavirus pandemic.

The Federal State of Saarland hit the market on Monday to raise €500m with its first seven year bond since 2016.

Unédic, the French agency responsible for providing the country's unemployed with social benefits, has had to ramp up its borrowing programme for 2021, thanks to the impact of the coronavirus pandemic.