Currencies
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A pair of investment grade issuers made rare appearances in niche currency bond markets this week. Deutsche Telekom returned to the Swiss franc market after a 10 year absence, while Hitachi Capital UK made its debut in rand. -
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The European Central Bank launched a strategic review of its monetary policy strategy on Thursday, but otherwise kept its fairly dovish stance on eurozone rates more or less unchanged.
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Two supranationals hopped into the Kangaroo market with environmental, social governance (ESG) bond taps this week, in a move that is becoming increasingly popular. With a local holiday this weekend marking the end of antipodean summer, bankers expect Australian dollar issuance to restart in the next few weeks.
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The Republic of the Philippines hit the market with a pair of euro benchmark bonds on Tuesday, making a rapid comeback to the currency.
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Nederlandse Waterschapsbank and the State of Brandenburg took advantage of a lack of euro SSA supply this week to bring well subscribed deals on Tuesday. The Asian Development Bank will be looking to follow with a 10 year euro benchmark on Wednesday.
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GlobalCapital understands that Commerzbank has ended its primary dealership with the Netherlands, where it was a market maker for Dutch bills.
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Nederlandse Waterschapsbank is the only issuer set to come to the euro market on Tuesday, despite the fact that conditions are still favourable.
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While every eurozone country that sold a new syndicated bond this year has received strong demand, Spain outshone them all this week by taking the biggest ever order book in the bloc.
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