Euro
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Unédic, the French unemployment agency, will look to complete its €15bn funding programme on Thursday, coming to market in the footsteps of the EU’s second outing. -
Ontario Teachers’ Finance Trust (OTFT) is preparing to issue its inaugural green bond under its new framework aligned to the International Capital Market Association’s Green Bond Principles.
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Unédic and Caisse d'Amortissement de la Dette Sociale (Cades) still have sizeable amounts of funding to raise before the end of the year and, with only a few weeks remaining, will look to issue after the EU clears the decks this week.
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Three banks launched new senior deals in euros on Monday, taking advantage of a jubilant tone in the market following Joe Biden’s victory in the US presidential election. That sentiment received a further boost during the morning trading session when Pfizer and BioNTech revealed successful Covid-19 vaccine trials.
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HSBC Holdings did not need to wait for a result in the US presidential election as it opened order books for a dual-tranche senior deal in euros on Friday, paving the way for further supply in the FIG market next week.
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Germany found lacklustre demand for its second ever green bond on Wednesday. The sovereign had to contend with a big drop in Bund yields following uncertainty over the US election result.
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An ESG think tank believes that the European Central Bank should drop Alberta’s euro bonds from its list of eligible marketable assets, as a punishment for its support for polluting industries. But while it is a laudable aim, it is not practicable.
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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, October 26. The source for secondary trading levels is ICE Data Services.
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Greece hit the market this week with a €2bn tap, neatly threading a needle between the EU’s jumbo debut and a hefty 30 year from Italy. But unlike other sovereigns, the exercise was not a scramble for cash to mitigate the impact of the pandemic.
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The strong momentum in the euro public sector bond market continued on Thursday with Italy receiving a huge reception for a new 30 year line, which was sold alongside a tender of various outstanding Italian government bonds.
