EIB

Public sector borrowers were able to achieve zero or negative new issue premiums and close books early in the euro market on Tuesday as investors piled into haven assets amid a weaker outlook for global growth.

A trio of public sector borrowers hit screens with mandates on Monday ahead of what SSA bankers say will be a busy week of supply following a glut of benchmark issuance towards the end of the first quarter.

The European Investment Bank is trying to keep its role for lending outside of the EU in the post-2020 EU framework.

The European Parliament and member states reached a provisional agreement on Wednesday afternoon on InvestEU, a new vehicle looking likely to trigger at least €650bn of investment from 2021 to 2027.

The Asian Development Bank broke two records on Thursday as it printed its biggest sterling deal to date and took non-UK SSA issuance in the currency to a record level for a half year. Supply is likely to take a breather next week owing to some crucial Brexit votes in the UK Parliament, but SSA bankers are confident the market will not take long to spark back into life.

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Emmanuel Macron has called for the creation of a European Climate Bank to finance the European Union’s “ecological transition” towards a climate friendly economy. While the French president’s plea for such financing is right and urgent, creating yet another European supranational entity is not the most efficient solution, especially as the EU already has a world leader in sustainable lending — the European Investment Bank.

The European Investment Bank and FMS Wertmanagement sold well oversubscribed issues in the sterling SSA market on Tuesday before an expected quieter period for new issues in the currency next week as parliament votes on prime minister Theresa May’s revised Brexit deal.

The European Investment Bank will look to extend the Sonia-linked floating rate note curve on Tuesday with a seven year trade. On-looking bankers welcomed the development but said it would not lead to a rush of issuers heading for that part of the curve.

Representatives of the EU member states announced on Thursday an agreement on InvestEU, a bloc-wide investment fund that will replace the European Investment Bank’s fund for strategic investment (EFSI) after 2020.

One of the biggest snowstorms to hit Ottawa in years could not stop Export Development Canada printing its largest ever deal this week, alongside a record three year book for the European Investment Bank (EIB) and a very healthy Bank of England (BoE) dollar deal.

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