EIB

The scores have been counted and the results are in. The BondMarker voters have delivered their verdict on last week's crop of benchmarks, including a scintillating pair of deals from supranationals. Two deals from French agencies met with drastically different levels of approval from the BondMarker voters, but both fared better than Land NRW.

Rating: Aaa/AAA/AAA

While the dollar market produced one of its strongest deals of the year on Wednesday, another deal enjoyed markedly less success on the day, indicating that investors’ tolerance for tight levels may be becoming stretched.

The European Investment Bank (EIB) and the German State of North Rhein-Westphalia (Land NRW) have picked banks for dollar benchmarks expected to hit the market on Wednesday.

Supranationals have delivered a spurt of niche currency medium term notes, returning to old favourites like South African rand as well as making use of demand for more exotic currencies, particularly in Latin America.

The European Investment Bank (EIB) has picked two banks to run the books for its eighth sterling trade of the year.

Piraeus Bank will privately place a €500m five year covered bond to three supranational agencies in order to support €700m of new lending to small and medium sized companies across Greece.

The much sought after trend for green bonds to outperform conventional paper in secondary trading is now a reality, according to public sector borrowers — but perhaps only for those with enough dots on their green curves to provide a comparison.

A flurry of large trades from the European Investment Bank (EIB), the International Finance Corporation (IFC) and the World Bank helped push overall Kangaroo volume so far this year higher than those seen for the whole of 2016.

Investors are packing order books for public sector syndications this week, striving to pick up what may be a dwindling pool of conventional assets. With much of their funding for the year done, borrowers are turning to the green bond market.

Engie, the French energy group, priced its second green bond transaction of 2017 on Tuesday. The triple trancher contained two green clips and took the issuer’s tally to six different green bonds. As issuers start to establish genuine green curves, they are starting to create their own sector, writes Nigel Owen.

The European Investment Bank tapped its January 2028 Australian dollar Climate Awareness Bond on Wednesday. The bond’s green credentials attracted investors rarely seen that far along the credit curve, a promising sign of the market’s maturity.