Euro
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The Republic of Indonesia veered off its usual funding plan by heading into the bond market this week with a dollar-euro combination trade, at a time when it is feeling the brunt of a big spike in Covid-19 cases. But the stability in secondary market trading and a fall in US Treasuries offered the sovereign an opportunity to top up its coffers, writes Morgan Davis. -
The SSA bond market is playing host to three SRI labelled deals in euros this week, with no conventional debt slated for issuance at all so far.
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Metropolitano de Tenerife, the public transport company that operates the Tenerife tram system, made its bond market debut on Tuesday, raising €130m with a 15 year green bond.
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A pair of SSA borrowers are set to squeeze a pair of benchmarks in on Tuesday just before the summer holidays period commences in earnest.
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KfW has had a strong start to 2021, raising over €50bn in the first six months of the year — around two thirds of its target. The agency will face new challenges in the latter half of the year, particularly in the form of the European Union’s colossal Next Generation funding programme. But treasurer Tim Armbruster, and head of capital markets Petra Wehlert are confident they can navigate the new landscape.
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France is preparing a 30 year OAT syndication, capitalising on a market that seems eager for paper that has snapped up an EFSF tap with an order book more than eight times subscribed.
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Aldesa Group, a Spanish construction and engineering firm acquired by state-owned China Railway Construction Corp last year, is tapping the Asian loan market for a €150m deal.
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Spain raised €8bn this week with its fourth syndication of the year, demonstrating that in spite of the Next Generation EU’s €20bn debut last week, the euro market still has plenty of depth. Concerns about hedge funds placing enormous orders are starting to recede, said bankers on the deal.
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China Oil and Gas Group’s $400m bond proved popular with investors this week as it offered the high yield market an alternative to property deals from the country.
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Spain hit the market on Tuesday morning with a 10 year benchmark, impressing onlooking bankers and benefitting from a stable backdrop. KfW followed up with a tap.
