EIB
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Supranational takes €5bn in second syndication of April
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German policy bank in comfortable position after renewing its entire dollar curve
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Public sector issuers manoeuvred a US sell-off with euro issuance slated to pick up
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At least four issuers will price dollar deals of between three and 10 years on Tuesday
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Draft strategy document for 2024-29 downplays green transition, emphasises defence
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As 'greeniums' on public sector bonds are now hard to define, issuers are focusing on other advantages
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Onlooking SSA bankers said KfW had landed tight pricing for new three year
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More than $10bn issuance expected as AIIB and KfW announce deals
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Are EU bonds too cheap, or are the likes of EIB and KfW too expensive?
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Luxembourg-based supra leads Tuesday’s deals as EDC and Land NRW also enter market
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A pair of German development banks also brought new issues on Tuesday
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QE era swap valuations driving bank treasuries into bonds
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EIB book ‘set to be an all-time record’ for an SSA issuer in the currency
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The two deals are priced off different benchmarks
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Sponsored by European Investment BankBertrand de Mazières, Director General of Finance at the European Investment Bank (EIB), retires this year after 17 years at the institution. During an august career he helped guide the bank through periods of global financial crisis and political turmoil. He was instrumental in the EIB’s evolution into a climate bank that has laid the foundations of a trillion dollar green bond market. But in a testament to the institution’s culture, what he will miss most is the people.
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Progress in aligning capital flows with a low carbon economy is still too slow
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The supranationals will set the tone for a month crowded with issuance
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Dollar strength shines through with euro deals lacklustre
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Reluctance to show hands has led to smaller books and higher concessions
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Outgoing de Mazières will remain a senior advisor at the bank until his retirement next year
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DBJ also came out on Tuesday with larger than usual tightening
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EIB, KfW and BNG lead peers as expected, alongside DBJ which announced last week
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Issuers tasked with resuming public sector's autumn supply in the past will do the same this year