EIB

The European Investment Bank raised €3bn on Tuesday with a five year deal, receiving €14bn of orders for a deal capped at €3bn.

The European Investment Bank and the Province of Quebec were well subscribed as they re-opened the dollar SSA market following the extended Lunar New Year holiday. Two more public sector borrowers will follow with dollar bonds on Wednesday, ahead of what is expected to be a busy month in the currency.

Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, February 3. The source for secondary trading levels is ICE Data Services.

The European Investment Bank will bring the first dollar deal from a public sector borrower following the extended Lunar New Year holiday, with SSA bankers expecting plenty more supply to follow in the currency.

For well over a decade, the cornerstone of the European Investment Bank’s sustainability funding policy has been the conviction that the financial services industry has a pivotal role to play in spearheading the battle against climate change. As the EU’s climate bank, it has also consistently recognised its responsibility for developing best practice, which in turn helps promote enhanced environmental and social standards across the global financial community.

Few MTN issuers have so far issued in the Libor-replacing euro short term rate (€STR) format, with deals limited so far to supranationals, agencies and, this week, a sub-sovereign. Some bankers blame the 2017 EU Prospectus Directive for tightening up the rules on adding new indices to programmes, leaving non-exempt issuers on the sidelines.

Rating: Aaa/AAA/AAA

Rating: Aaa/AAA/AAA

Two supranationals hopped into the Kangaroo market with environmental, social governance (ESG) bond taps this week, in a move that is becoming increasingly popular. With a local holiday this weekend marking the end of antipodean summer, bankers expect Australian dollar issuance to restart in the next few weeks.

Swedish issuer Kommuninvest is preparing to launch its first deal of 2020 — a five year Swedish krona note.

The European Investment Bank doubled up in capital markets on Wednesday, hitting screens for a fixed rate sterling benchmark and a Sofr-linked floating rate dollar note.

The European Investment Bank is keeping a busy pace in capital markets, mandating banks on Tuesday for its sixth syndicated transaction of the year in a core currency.