Danske Bank
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The Swedish National Debt Office has selected the maturity range for its debut green bond and the banks that will lead the transaction, which will take place via syndication in August. -
Syndicate bankers are scrambling to make sense of the covered bond market, where sentiment has been changeable in recent weeks. Amid volatility and small issuance windows, sustainable bonds have proven a safe strategy to ensure successful deals.
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Sparebanken Vest Boligkreditt did not need to offer any premium to investors to complete its debut sale of green covered bonds on Wednesday. The deal adds to a recent flurry of socially responsible investments, which are offering financial issuers very competitive terms.
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Europe’s investment grade corporate bond market acquired a more cheerful tone on Tuesday, with new issues well oversubscribed, despite quickly shifting sentiment.
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European banks joined a flurry of US corporates in the dollar bond market this week, capitalising on favourable conditions to issue deals in large sizes and at negative new issue premiums.
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Sovereign, supranational and agency bond issuers are mobilising their resources to support the fight against Covid-19. The below table details the bonds they have issued, specifically in response to the coronavirus pandemic.
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Covered bond spreads in euros have already recovered more than half of the widening that they suffered through March and April due to the coronavirus pandemic. Market participants are now scrambling to find the bargains as returns vanish once again.
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Two sovereigns pulled off successful deals on Wednesday, adding to the pile of syndicated European government bond issuance this week.
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After three eurozone sovereigns hit the primary market on Tuesday, more supply will follow on Wednesday with Germany setting its sights on its second syndicated transaction after returning to the format in May, helping it deal with a much bigger funding programme in response to the coronavirus pandemic.
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There were no issues of competing supply on Tuesday as three eurozone sovereigns amassed big order books, buoyed by last week’s expansion of the Pandemic Emergency Purchase Programme (Pepp).
