Currencies
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While the fast pace of issuance that characterised the SSA market in January has abated, the euro sector provided some rarer names with funding across the curve this week, in spite of a general widening of spreads. -
Qatar National Bank has added to a busy run of funding with a $1bn two year private placement that it sold to a single investor, according to sources. The region's banks have tapped the Islamic and Taiwanese markets and issued in Aussie dollars.
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The investment grade corporate bond market started February with the second busiest day of 2018 so far, picking up after a relatively quiet January. Acea, Ford and Prosegur Cia de Seguridad, sold five tranches between them, including two floating rate notes (FRNs), on the first day of the new month.
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The Republic of Poland exceeded its own and its leads’ hopes when it issued its second green bond this week. Piotr Nowak, undersecretary of state at Poland's finance ministry, told GlobalCapital that with 41% of green accounts participating, the sovereign had succeeded in diversifying its investor base.
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KfW is taking steps to diversify its green bond issuance away from euros and dollars. Taking advantage of strong demand for sustainable investment in Sweden, it sold its largest ever green Swedish krona bond.
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Export Development Canada tapped its 2.7% October 2022 Kangaroo line for A$125m ($100.1m) on Thursday. This is the first intermediate tenor trade in three weeks, with most of the Kangaroo action being in the long end. Elsewhere, Bank Nederlandse Gemeenten tapped into some non-Japanese demand for Aussie dollars.
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The round of redundancies at Barclays Investment Bank has hit more senior figures, including the head of EMEA leveraged finance, a vice-chairman in ECM, the COO of EMEA banking, as well as other managing directors across the origination businesses.
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The investment grade corporate bond market has started February with intent, with Thursday registering as the second busiest day of 2018 so far.
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ANZ New Zealand issued debt in the middle part of the maturity curve this week, as rising rates in the Swiss franc market made deals with this sort of tenor more attractive to issuers.
