DZ Bank
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The European Investment Bank and Dexia Credit Local were the only two public sector borrowers to sell deals in the primary market this week as issuance wound down ahead of the Easter break. -
The European Investment Bank took advantage of a quiet primary SSA bond market and rejuvenated purchases from the European Central Bank to tap its longest outstanding Climate Awareness Bond on Tuesday.
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The European Union will complete the funding for its Support to Mitigate Unemployment Risks in an Emergency programme next year, rather than this summer as previously planned.
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German optics maker Jenoptik has sold €400m-equivalent worth of sustainability-linked Schuldscheine, with around 250 investors participating in the euro and dollar deal.
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The European Union on Monday announced the mandate for its final Support to Mitigate Unemployment Risks in an Emergency (SURE) transaction of the first quarter, which will raise up to €13bn across the two tranches.
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The FIG market enjoyed its busiest week of the year so far but not all trades are working as investors shun tightly priced deals, particularly those at the long end.
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There has been no let up in the pace of euro issuance from banks this week, with BBVA and Hypo Noe diving into another full market on Tuesday following a busy but 'comfortable' session on Monday.
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The euro market burst into life with new FIG deals on Monday, as borrowers reacted to supportive comments from the European Central Bank last week. Bankers now expect plenty of supply to fill out the pre-Easter pipeline.
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Volksbank Wien sold its first non-preferred senior deal on Friday, after a week of discussions with investors. The deal benefitted from a stronger tone in the euro market as investors reacted well to the latest meeting of the European Central Bank.
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The European Union finally arrived with its second Support to mitigate Unemployment Risks in an Emergency (SURE) transaction of the year on Tuesday, two weeks after it sent banks a request for proposals (RFP).
