Currencies
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The week began with that rarest of things in recent times, a welcoming political backdrop. It was marred, however, by monetary policy meetings from the two most important central banks in the world. While the US Federal Reserve’s second rate hike of the year was a foregone conclusion, it caused the dollar curve to flatten still further, making the euro market even more fertile funding territory than it has been for SSAs. But even so, euros had its own struggles this week, facing what one head of SSA syndicate called “one of the most important and unpredictable European Central Bank meetings for a long time”. Lewis McLellan reports. -
The North American Development Bank (NADB) will hold meetings in Geneva and Zurich to discuss a debut Swiss franc green bond, as the possibilities for arbitrage grows for international SSAs.
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SSA borrowers have long been used to having it their way amid the exceptional monetary easing meted out by central banks since the global financial crisis. But this week could be the moment things started swinging back in favour of investors.
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CPPIB Capital achieved a double whammy with its debut green bond this week, bringing the first international sale of a green bond by a pension fund that grew into the largest ever green bond in Canadian dollars.
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KommuneKredit will hit the road next week to talk up a new green bond, while a fellow Nordic issuer is looking to enter the social bond market — although not for some time yet.
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The return to health of the investment grade corporate bond market has been a path carefully trodden one step at a time. French electrical components manufacturer Schneider printed a successful nine year new issue on Wednesday, following corporate deals with eight and seven year tenors on the previous days of the week, but the lack of other supply surprised some bankers.
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The European Central Bank announced on Thursday that it will bring its €2.5tr asset purchase programme to an end in December. However, the assertion that hikes to its deposit rate would not come before September 2019 lent the proceedings a dovish note.
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The European Central Bank surprised some corporate bond market participants on Thursday by setting out how it expects monetary policy to evolve over the next year and a half.
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KommuneKredit will hit the road next week to talk up a new green bond, while a fellow Nordic issuer is looking to enter the social bond market — although not for some time yet.
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The Export-Import Bank of Korea returned to the Swiss franc bond market on Thursday, capitalising on an arbitrage window against its dollar curve.
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A French agency hit the short end of the euro market on Wednesday in what is likely the final SSA euro benchmark ahead of the European Central Bank’s meeting on Thursday.
