Euro
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FIG issuers are taking care to announce deals before opening order books this week, as they try and book their places in the market ahead of a tricky meeting for the European Central Bank on Thursday. -
Alpha Bank priced a new tier two in line with its initial marketing range on Thursday, after failing to build up much momentum through the order book.
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Italy took orders of over €80bn for its first green BTP on Wednesday to become the latest sovereign to enter the green bond market. Germany was also in market, raising €3bn with its first 15 year deal via auction.
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KfW rebooted the short end of the euro public sector bond market on Tuesday with a well subscribed trade which offered a modest new issue premium. The deal shared the euro SSA market with the State of Baden-Württemberg’s debut green bond.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, March 1. The source for secondary trading levels is ICE Data Services.
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Four public sector borrowers announced new deals in the primary market on Monday ahead of the European Union’s much anticipated second transaction from its Support to mitigate Unemployment Risks in an Emergency programme this year, which is expected to arrive later in the week.
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BPCE found plenty of demand for a long-dated senior deal in euros on Monday, even as secondary spreads drifted wider.
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Fund managers are eyeing up opportunities in the additional tier one (AT1) market this year, with spreads still said to be well wide of their potential lows.
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Hamburger Hochbahn, the city public transport operator, made its bond market debut on Wednesday, slotting into the market neatly with a €500m 10 year green bond and a €3bn order book.
