EIB
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The Japan Fair Trade Commission (JFTC) has closed an investigation into market manipulation by Bank of America Merrill Lynch and Deutsche Bank without taking action, because the five year limit on prosecutions has elapsed. -
Despite what one banker called a “disaster” of an Italian election result, the euro market for public sector debt proved enormously resilient this week. Just as well, as the ECB made it clear at its meeting on Thursday that the market will receive no additional monetary stimulus.
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The European Investment Bank sold Z1.5bn ($439.6m) of seven year notes on Wednesday. It was the first time the supranational has issued a benchmark sized floating rate note in the currency as it bids to attract a new group of investors.
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A new study of green bond pricing has stopped short of saying that green bond issuers can generally expect to get tighter new issue premiums. But the report’s lead author did say: “Green bond buyers can’t expect to receive a new issue premium — that is itself quite a bold statement.”
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With the return of stability to the euro public sector market, a new wave of borrowing hit this week. Four core European names brought syndications, some of which were able to access unusual or difficult tenors because of the higher rates on offer.
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This week's scorecard reveals how far progressed supranationals are in their 2018 funding plans as we hit the middle of February.
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The SSA market showed its “resilience” to the horror show in US equities early in the week as a series of borrowers printed strong dollar trades — one with its largest ever book, another with its largest size in years and not one paying up for the privilege. Some bankers suggested they may have benefited from a flight to safety but the general sense was that if the volatility comes back, public sector borrowers need not worry.
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Public sector borrowers are reaping the benefits of investors looking to “weather the storm” of wider market volatility, said bankers, as investors poured cash into short dated dollar issues this week. Bank Nederlandse Gemeenten and Sweden are set to be the next issuers to benefit, after mandating for three year trades on Tuesday.
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Three dollar borrowers have hit screens in a market buoyed by a pronounced Treasury sell-off.
