Currencies

Italy printed an €800m 20 year inflation linked private placement on Thursday, satisfying demand from a single investor.

Chorus, New Zealand’s largest fixed line telecoms business, launched a €300m no-grow seven year bond on Thursday — the only corporate euro issue of the day.

Zhejiang Geely Holding Group, a Chinese developer and seller of vehicles, has closed its third offshore loan of the year, raising €400m from a group of eight lenders.

The Netherlands has announced a new policy framework for its funding programme over the next six years in which it will extend the average maturity of its debt and swap portfolio to lock in low rates for a longer period of time.

This week's funding scorecard looks at the progress French agencies have made in their funding programmes as we approach the end of November.

Pfandbriefzentrale issued its largest ever bond this week, a Sfr1.386bn ($1.398bn) triple-tranche deal that included a Sfr980m 12 year tranche that was itself the largest single issue in the Swiss franc bond market this year.

In its first visit to the capital markets, VisionFund International, a subsidiary of World Vision, the Christian mission focussed children’s charity and non-profit organisation, accessed a competitive method of funding that will help it “to penetrate deeper into rural areas” and benefit those in greatest need.

Rating: Aa1/AA/AAA

Guarantor: Federal Republic of Germany

Perhaps the last two public sector bond benchmark issues of the year hit screens in euros this week and, judging by their reception, the market is closing right on time.

Rentenbank raised €1bn of 10 year cash on Wednesday. The deal did not reach full subscription and the leads were unable tighten the spread from guidance, thanks to a rates sell-off affecting demand from Asia.

Investors showed some price sensitivity when confronted with the State of North Rhine Westphalia’s (Land NRW) dual tranche sustainable offering on Wednesday. Nevertheless, compatriot issuer Rentenbank will add to euro SSA supply this week after mandating banks for a new 10 year benchmark.