Currencies
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ANZ raised €750m this week from its first bond aligned with the UN sustainable development goals (SDGs), marking only the second such deal globally. -
National Australia Bank (NAB) and Société Générale both entered the Swiss market on Wednesday with tight pricing, in a sign that the market is luring financial borrowers to print opportunistically in Swiss francs.
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The bond markets have been muted in their response to last week’s equity market volatility. Corporate bond investors did not suffer the heavy losses or wild intraday swings their equity peers had endured, leaving them to focus back on fundamentals.
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The European Central Bank’s corporate sector purchase programme maintained its rate of purchasing in the first six weeks of 2018, which helped support spreads through the recent period of volatility in global markets.
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The Autonomous Community of Madrid on Tuesday printed its largest ever sustainable bond — and its biggest bond of any kind in three years — with a trade that was double the size of its SRI debut last year. Bankers away from the trade hailed the “excellent” result, with one saying it was “probably as good a result as the issuer could have hoped for”.
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Greece’s return to capital markets last week drew nothing but praise on the day, but its subsequent performance in the secondary market has left something to be desired, said bankers.
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The Autonomous Community of Madrid is prepping its second ever sustainable benchmark, after mandating banks on Monday.
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The Export-Import Bank of Korea (Kexim) printed in Swiss francs on Monday. That was a sign, said bankers in Zurich, that the market is more resilient than others in times of broader volatility, and could welcome more emerging market names in the coming months.
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The corporate bond market has stayed away from the eye of this week’s equity market correction storm, so far. Despite the enhanced volatility, €5.75bn of corporate bonds were priced. While none of the nine tranches have given investors much performance yet, equally, none have yet really underperformed.
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