Currencies
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Italy is on screens with a 15 year benchmark, opting for the long end of the curve in spite of the concern some bankers have expressed about the difficulty of selling long dated debt.
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Two European borrowers hit screens on Monday morning at the short end of the euro curve, with a third set to follow suit on Tuesday as issuers. Both of Monday’s deals received extraordinarily strong demand. -
Société du Grand Paris and the City of Munich will break new ground in the socially responsible bond market this week as the pipeline for green and social debt from public sector borrowers builds.
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The Reverse Yankee market could be set for another strong year in 2020, with Wells Fargo adding last week to an already encouraging running supply total in the format.
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Cracks started to appear in demand for long-dated rates products this week, even as riskier credit markets went gung-ho in the face of the coronavirus outbreak. Now Spain could be set to test how bad the damage has been, as it is rumoured to be readying a 30 year syndication for next week. Burhan Kahdbai, Lewis McLellan and Bill Thornhill report.
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The Province of Quebec has hired banks to lead a new Canadian dollar green bond — its first since the start of last year.
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Finland received record demand for its first syndication of the year on Tuesday. The sovereign was joined in the long end of the curve by the State of North Rhine Westphalia as it tapped its February 2038s.
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The Japan Finance Organisation for Municipalities printed the first deal from its budding green bond programme on Tuesday, impressing onlookers with a large book and aggressive price move. The trade shared the market with a social housing bond from Cassa Depositi e Prestiti.
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Cassa Depositi e Prestiti will come to market on Tuesday with a 10 year euro benchmark financing social housing projects in Italy.
