Currencies

Argentina presented investors with a pricing conundrum on Wednesday when the sovereign came to market with its first euro-denominated deal since its 2001 default.

It was shaping up to be a healthy week for euro issuance in the SSA market until a rumour about the European Central Bank planning to “taper off” its asset purchase programme ruined the vibe.

This has been a week of wariness for euro investment grade corporate bonds. A German public holiday on Monday kept a lid on deals, but there were at least two go/no-go calls on Tuesday that yielded no deals, despite an improving tone in corporate spreads and stock markets.

The Inter-American Development on Tuesday extended its Kangaroo curve with an April 2027 issue. The new bond is, in effect, replacing IADB's June 2026 bond, the borrower said.

Kommuninvest has selected banks for a bond expected to break the size record for green bonds denominated in Swedish krona.

Bank Nederlandse Gemeenten and Nederlandse Waterschapsbank were stunned by the scale of reverse enquiry for taps to their Kangaroo notes on Tuesday, with a rare Japanese investor driving both deals to double the size of any previous tap to their respective 10 year lines.

With the renminbi now officially part of the special drawing rights basket, China is set to push on with its goal of making the SDR a real-world investment and reserve asset. But the obstacles to that plan are daunting.

Italy announced on Monday the banks to lead its first ever 50 year syndication, a bond planned since May.

Société Anonyme de Gestion de Stocks de Sécurité (Sagess) has picked four banks to arrange an investor roadshow for a euro bond, its first to be eligible for purchase by the European Central Bank.

Bankers on and off the deal deemed the African Development Bank’s first foray into the euro market a success, thanks to the borrower's cautious approach to size and pricing.

The green bond market began with deals from only the world’s top credits. But now, companies and financial institutions are a growing part of the sustainable bond world. Their commitment to the sector will be crucial in helping it reach full capacity — a necessity if the monumental task of financing the world’s transition to sustainability is to be achieved before it’s too late. But the market is still in its nascent stages, and there is much work to do before even senior unsecured green bonds are standardised, giving both issuers and investors the confidence in the asset class needed to scale it up effectively. GlobalCapital sat down with 13 market professionals on the sidelines of the Euromoney/GlobalCapital Sustainable & Responsible Capital Markets Forum in Amsterdam in September to talk about the big issues in the market.

In theory, the Bank of Japan’s gargantuan asset buying programme, which forms a central pillar of its quantitative and qualitative easing policy, should transform international capital markets by forcing Japanese investors overseas en masse. But as so often is the case in Japan, theory and practice are very different things.