Currencies

Gazprom showed up in the Swiss franc bond market on Wednesday attracting enough Russian buyers to help it pay its lowest ever coupon in the currency. The energy company gathered a wide variety of investors, from Switzerland and Russia, retail and institutions, for the deal.

Export-Import Bank of China hit the debt market on Wednesday, bagging €2bn (US$2.1bn) in the largest euro deal from a Chinese borrower to date. While DCM bankers say that there’s little opportunity for arbitrage, Chexim benefited by reaching new investors. Morgan Davis reports.

FMO has raised Skr700m ($75.4m) with its first sustainability bond in the Swedish currency.

Gazprom gave convincing evidence that lightning can strike twice on Wednesday, offering its second bond to the Swiss franc market in the past eight months. The bond attracted heavy international interest –– a rarity in the market this year.

Chinese issuers stormed the primary debt market on Wednesday with Export-Import Bank of China, China Aluminum International Engineering Corp (Chalieco) and Changsha Pilot Investment Holdings Co among the borrowers attracting bids.

The euro market for public sector borrowers repoened on Tuesday as a pair of issuers took advantage of calmer conditions since the US election on November 8 to raise nearly €2bn in total — both paying small new issue premiums.

The Asian debt market stepped up a gear Tuesday with a number of new launches and mandates, as issuers navigate the volatility and try to wrap up their fundraisings before key holidays and the end of the year.

FMO is set to raise a minimum of Skr500m ($54.25m) with a seven year sustainability bond on Tuesday, while KfW plans to bring a dollar green bond.

Agence Française de Développement on Monday mandated banks for what is set to be the first euro benchmark from a public sector borrower in nearly a month.

The European Commission will propose on Tuesday a package of measures to make the reporting and disclosure requirements for banks more 'proportional', meaning easier for smaller institutions to comply with the rules.

The European Commission unveiled a major legislative package on Wednesday, transposing several Basel standards into EU law, including total loss-absorbing capacity (TLAC) rules, the leverage ratio, the net stable funding ratio and trading book rules.

Portugal is set to round off its funding for the year by auctioning €500m-€750m of its April 2021 line on Wednesday.