EIB
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A report published on Tuesday by Counter Balance, an NGO, calls on the European Investment Bank to reinforce its internal anti-corruption mechanisms, and to be brought under the scope of EU rules such as the Anti-Money Laundering Directive. -
For the second time, the European Investment Bank has suggested concessions on its new Energy Lending Policy that would weaken its commitment to stop fossil fuel financing by the end of 2020, and its claim to becoming Europe's 'climate bank'.
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This week's funding scorecard looks at the progress supranationals have made in their funding programmes at the middle of October.
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EU finance ministers have been presented with three options for how to realign the European Investment Bank and European Bank for Reconstruction and Development. This could lead to the emergence of a new capital markets issuer.
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The European Investment Bank won a huge reception from investors for its debut €STR-linked floating rate note (FRN) this week, ignoring concerns about a lack of demand amid negative rates in the euro market. While there is a lack of clarity about calculating €STR bonds’ fair value and on Euribor’s future, public sector borrowers are expected to embrace the risk-free euro rate.
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Investors warmly welcomed the first benchmark €STR-linked floating rate note on Wednesday, brushing aside previous concerns about a lack of demand for euro FRNs as a result of deeply negative rates in the currency.
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The European Investment Bank hit screens with a $1bn no-grow global 10 year Climate Awareness Bond on Tuesday. The issuer has not printed a 10 year dollar benchmark since May 2017.
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After mandating banks last week to explore a three year benchmark €STR-linked floating rate note, the European Investment Bank is moving forward with the deal, with initial price thoughts released ahead of an expected launch on Wednesday — the day the rate starts being published by the European Central Bank. However, some market participants have questioned the extent of investor demand for euro FRNs with negative rates commonplace in the currency.
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Investors stormed into the euro public sector bond market this week fired up from the announcement of a new comprehensive stimulus package by the European Central Bank last week.
