EIB
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Sovereign, supranational and agency borrowers were out in force this week, but the second busiest week of the year for euro funding was notable for the lack of price tension on many deals. -
Two euro borrowers launched benchmarks on Wednesday, sharing the SSA euro market. While both secured successful deals, one found the market tougher going, as investors pushed back.
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A pair of borrowers have hit screens for euro benchmarks to be sold during Tuesday’s session, but another nipped in ahead of the rush to price on Monday.
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A sterling floater from the European Investment Bank would not normally set tongues wagging across capital markets but the supranational’s upcoming deal is an exceptional case. The bond is a test case for what is expected by many to become the new market standard for the format, writes Lewis McLellan.
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The European Investment Bank has released initial price thoughts for a sterling benchmark floater referencing Sonia — a trade that dominated many conversations at this week's Euromoney Global Borrowers conference in London. The deal will be priced on Friday.
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The euro market is calmer than it has been for months this week, but despite the favourable backdrop, issuers appear to be steering clear.
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Shipping company Irish Continental Group has signed an €80m financing facility with the European Investment Bank, with the financing coming soon after the company announced a spate of committed and uncommitted loans totaling €608m-equivalent. The ship it finances will be the largest cruise ferry in the world.
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The European Investment Bank has hit screens for the first sterling floating rate benchmark designed for a post-Libor world.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data.
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