Euro
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France set a new order book record with its new 50 year syndicated bond on Tuesday. Two other public sector borrowers joined the sovereign at the long of the euro curve. -
Korea’s KEB Hana Bank attracted a €2bn order book for its €500m debut covered bond on Tuesday, boosting hopes for an improvement in the secondary market performance of similar deals from South Korea that offer outsized spread pickups.
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Spreads have moved away from their tightest levels, but issuers do not seem put off. France will extend the flood of long end deals with its first 50 year OAT syndication in almost five years on Tuesday.
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Few deals have ever had €75bn of orders. Spain managed to lose that much, but still have €55bn remaining in the book. This is the world the ECB’s purchase programmes have built.
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After a record breaking year for sovereign bond issuance in central and eastern Europe, 2021 could be a different story, thanks to the European Union's vast economic support packages that could reduce the need for many CEE countries to tap international bond markets.
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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, January 11. The source for secondary trading levels is ICE Data Services.
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UniCredit raised €2bn of preferred senior funding with a careful trade on Tuesday, as investors come to terms with a new pricing paradigm in the bank bond market.
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Société Générale failed to match BNP Paribas for demand in the sterling market on Monday, after following its peer by launching a new non-preferred senior trade in the currency.
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CPPIB Capital mandated the banks to lead its first ever 20 year euro benchmark on Friday, in what is also the first mandate announcement for a benchmark transaction by a non-sovereign/sub-sovereign public sector borrower in the long end of the euro curve in 2021.
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Sponsored Raiffeisen Bank InternationalRaiffeisen Bank International’s clients are increasingly looking to achieve more sustainable, fairer and more transparent ways of doing business. In this context, RBI maintains a comprehensive dialogue with an ever-increasing pool of clients on sustainable finance, e.g. bonds, loans and Schuldscheine. We focus our attention not only on “green”, but also cover sustainability-linked instruments, a rapidly growing area in the sustainable finance universe.
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