Niche currencies offer alluring alternative for SSAs

For public sector issuers, niche currency deals have offered attractive opportunities for arbitrage funding, with spreads into euros and dollars spurring on demand this year. Meanwhile, strong investor appetite for green paper has seen niche shoots blossom throughout 2019. Frank Jackman reports

• 13 Dec 2019

BNG EUR750m 0.05% Nov 29 sustainability bond

• 14 Nov 2019

BNG and Kommuninvest join ESG ratings trend

Bank Nederlandse Gemeenten and Kommuninvest followed in the footsteps of KfW as they included their environmental, social and governance (ESG) ratings in the terms sheets for socially responsible bonds this week, with the latter selling the largest single-issue green bond from a Nordic public sector borrower.

• 14 Nov 2019

People moves in brief

Del Canto joins Berman at agora — O'Higgins to retire from ICBC Standard — Miller becomes new IBCM head at Credit Suisse

• 14 Nov 2019

Rabo hires Mizuho banker for SSAs

Mizuho MTN banker Alain Sanz-Gadea has moved to Rabobank.

• 11 Nov 2019

BNG follows KfW with ESG ratings disclosure

Bank Nederlandse Gemeenten included its environmental, social and governance (ESG) ratings in a mandate announcement for its upcoming sustainability bond on Monday, following in the footsteps of KfW which kickstarted the movement with its green bond tap last week.

• 11 Nov 2019

KBN makes impressive return to euros

Kommunalbanken was almost twice covered for its 10 year euro trade on Thursday as it returned for its first benchmark in the currency since 2017.

• 17 Oct 2019

Rigging Libor was wrong but so is tossing away the benchmark

UBS and Citi trader Tom Hayes was jailed for 11 years for manipulating Libor. But while the trader argued that he was made a scapegoat for the financial crisis, perhaps the rate he rigged is a bigger victim.

• 30 Jul 2019

Years after Libor scandal, experts argue benchmark should stay

As the market prepares for Libors to end their run as the world’s most prevalent reference rates, there is growing support for the benchmarks to be reprieved.

• 25 Jul 2019

MuniFin EUR500m 0.05% Sep 29 green bond

• 04 Jul 2019

SSA DCM banker rejoins NatWest Markets

A public sector debt capital markets banker is returning to NatWest Markets, where she worked between 2010 and 2017, GlobalCapital understands.

• 04 Jul 2019

MuniFin eyes debut social bond in 2020

Municipality Finance is looking to publish its social bond framework this year ahead of a debut bond in the format, as it looks to extend its offering of socially responsible bonds.

• 04 Jul 2019

Asfinag gets strong reception for 10 year with positive yield

Austrian agency Asfinag won a big order book on Tuesday, allowing it to price 3bp tighter than guidance, in a 10 year tenor the issuer hasn't accessed since 2009. Municipality Finance and the German federal state of Lower Saxony will add to the euro SSA supply on Wednesday with a 10 year green bond and a seven year benchmark, respectively.

• 02 Jul 2019

Trio of SSAs out in euros amid ‘risk on’ tone after G20

Three public sector borrowers announced plans for new issues on Monday as issuers took advantage of a shift in sentiment following the G20 summit at the weekend.

• 01 Jul 2019

Rabo SSA banker rejoins UBS

A syndicate banker at Rabobank focusing on sovereigns, supranational and agencies (SSAs) has left after just six months to return to UBS, where he worked between 2015 and 2017.

• 24 Jun 2019

NWB EUR1bn 0.125% May 27 affordable housing bond

• 23 May 2019

NWB launches new social framework

Nederlandse Waterschapsbank has inaugurated its updated social housing bond framework with a €1bn SRI issue. The new framework includes an environmental aspect alongside pre-existing social elements.

• 21 May 2019

Dutch government registers green investors ahead of debut

The Dutch government is preparing to issue its first green bond next week, and has introduced a new feature to the market: investors can register as accredited green bond investors to receive preferential allocations.

• 16 May 2019

BNG EUR1bn 0.125% Apr 26

• 04 Apr 2019

EFSF and CoE price tightly, three more SSAs coming to euros

The European Financial Stability Facility and Council of Europe Development Bank left little on the table with their euro bond issues on Wednesday. More supply is expected, as three more borrowers have picked banks for deals expected this week.

• 03 Apr 2019

People moves in brief

Nomura strengthens special situations team — JP Morgan’s Orssten retires — Gamekeeper goes back to being poacher at Rand

• 21 Mar 2019

Records smashed across high grade bonds as investors flood in

Investors are returning to the covered bond, sovereign and supranational agency (SSA) markets in their droves. Despite exceptionally heavy issuance, the startling breadth and depth of demand seen in many deals this week caught market participants off guard — not least the investors themselves. Bill Thornhill reports.

• 24 Jan 2019