Currencies
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Institutions have spent months preparing for the launch of the new IMF special drawing rights (SDR) basket on October 1 since the decision to include the RMB was made last year. The mechanics include managing divergent onshore and offshore rates, Jukka Pihlman, global head of central banks and sovereign funds, Standard Chartered, and former IMF official, told GlobalRMB. -
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In a week of firsts for the green bond market the Agence France Trésor (AFT) has outlined to GlobalCapital its plan to issue a bond next year in the hitherto untapped sovereign green bond market. Lewis McLellan and Craig McGlashan report.
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International Finance Corp and KommuneKredit tapped 10 year Kangaroo bonds this week, the only active tenor in the market.
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The African Development Bank’s (AfDB) funding team will be “heroes” if the issuer’s debut euro benchmark is a success this Friday, said SSA bankers away from the deal.
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Sonova’s voice was heard on Thursday when it offered an age-defining, odds-defying triple tranche whopper to the Swiss market. All of the Sfr760m ($787.2m) paper matures within five years, half of the paper offers negative yields and none of it left Switzerland.
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The African Development Bank’s funding team will be “heroes” if the issuer’s debut euro benchmark is a success on Friday, said SSA bankers away from the deal.
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CK Hutchison raised $1.25bn and another €1bn ($1.12bn) on Wednesday, whetting investors’ appetite with a good marketing strategy and wise timing, according to bankers.
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Pfandbriefbank Schweizerischer Hypothekarinstitute placed on Tuesday a dual tranche deal in Swiss francs. The shorter tranche was fashioned into a 12 year clip to entice investors looking for positive yield.
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In just a few days, the renminbi will be officially included in the International Monetary Fund’s Special Drawing Rights basket — a move widely seen as a validation of the currency’s internationalisation. But the actual impact of the development on fund flows is expected to be limited, market participants told GlobalRMB.
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Agence France Trésor tapped into strong pent-up demand to draw a bumper book and print its largest inflation linked benchmark since the 2008 financial crisis — despite offering just a few basis points of new issue premium.
