Currencies
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Social bonds are proving to be a key part of SSAs fight against the coronavirus, with $10.6bn equivalent printed since the start of the pandemic. Having already tapped core currency markets last month, this week a pair of supranationals turned towards niche currencies to fund their response to the pandemic. With demand for the social format high, both bankers and funding officials are hopeful the new investor interest will stick around after the pandemic passes. -
Agence Française de Développement raised €1.5bn on Wednesday with a 10 year Reg S benchmark. While the deal was fully subscribed, pricing was not tightened from guidance, indicating that the frothy moves of the last three weeks may be slowing.
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Ireland impressed on-looking supranational, sovereign and agency bond bankers on Tuesday as it received its largest ever order book for a syndication. It was not the only eurozone sovereign in the market as Cyprus printed seven and 30 year bonds.
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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, April 6. The source for secondary trading levels is ICE Data Services.
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Caisse Centrale du Crédit Immobilier de France (3CIF) came to market with a five year bond on Monday, paving the way for fellow French agency SNCF to follow up with its green debut.
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Eurozone sovereigns extend their syndication spree this week with Cyprus and Ireland mandating banks for new deals on Monday. Both sovereigns are preparing bigger funding programmes in response to the coronavirus pandemic.
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The euro public sector bond market has been fired up, with all tiers of issuers in the market. But it is not the same picture for every SSA, with borrowers eligible for the European Central Bank’s asset purchase programme getting a far brighter reception than those not.
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Dollar high yield and convertible bond buyers dived straight into the riskiest possible end of the market on Wednesday, snapping up rescue issues for cruise operator Carnival Corporation, a firm at the centre of the coronavirus storm. Carnival pledged nearly all its ships to back bondholders’ investments, while convert investors spied a chance to double their money — if the cruise industry can bounce back. Aidan Gregory, Jon Hay, Sam Kerr and Owen Sanderson report.
