EIB
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Euros proved the currency of choice for SSA borrowers on Monday with two new issues, two taps and a mandate in the market across a range of maturities. -
The European Investment Bank brought a benchmark that public sector bankers hope can bring some stabilisation to the dollar market, as another supranational eyed up a potential new source of demand.
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Size is still coming at a price for SSA borrowers, with European Investment Bank paying a slightly elevated new issue premium for a $4bn five year on Tuesday. Despite this, bankers said a second trade from Erste Abwicklungsanstalt confirmed the market is in robust health.
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The higher level of new issue premium SSAs have to pay in dollars is set to be showcased this week, after a pair of European borrowers hit screens on Monday with benchmarks in the currency.
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The Province of British Columbia brought an inaugural euro benchmark on Thursday, as a supranational issuer reopened a green bond in the currency.
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GlobalCapital's European SRI roundtable for 2015 brought together issuers, investors and bankers to discuss how to tackle the capital markets challenges of sustainable and responsible investment.
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So far green bonds have dominated the still young ESG capital markets. But in the last 12 months a pair of issuers have brought bonds based on social themes in benchmark size. Tessa Wilkie reports on how we are about to see a lot more of them.
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European Investment Bank tapped a 2022 sterling line for £300m on Monday, and is open to printing more in the currency.
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European Investment Bank has added further evidence of the euro market’s growing strength over dollars — but its deal was still at the lower end of Earn size expectations despite a decent new issue premium.
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The European Investment Bank has lined up a euro benchmark that SSA bankers are praying will add to a strong €5bn deal from KfW last week — but the supranational is unlikely to aim for the same size as its German peer.
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This week's scorecard features updates on the progress of selected European supranationals and agencies through their funding targets for the year.
