Euro
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KfW mandated banks for a seven year euro benchmark on Monday, a deal which was already expected to arrive this week and could well be the German agency’s final public deal in the currency this year. -
Canpack, a Poland-based packaging company, is making its debut in the euro and dollar high yield market this week, as it seeks to shake off the constraints of its private placement-based capital structure and prepare for expansion in the US.
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Unédic will follow up this week’s eight year social bond with another two social bonds to wrap up its 2020 state guaranteed funding programme.
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Deal arrangers expect bank bond supply will peter out after a flurry of deals this week. Issuers have been enjoying fantastic conditions, but most of them have finished their funding plans early so they can lay low throughout a much-feared fourth quarter. Tyler Davies and Bill Thornhill report.
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Green, social and sustainable issuance has dominated the supranational and agency bond market for a whole month, consistently outpacing conventional supply. This week proved another extremely strong one for the asset class.
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Unédic returned for another social benchmark on Thursday, adding to the slew of successful French agency SRI-themed paper.
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KfW could be set to hit screens with a euro benchmark next week in what may be its final public deal in the currency this year, according to bankers. The bond is likely to come with a seven year maturity, a tenor that the Free State of Saxony struggled with on Thursday, finishing with the book only around half covered.
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Another slew of socially responsible SSA deals hit screens on Wednesday, all achieving impressive size and healthy order books, showing the strength of the market in euros for the borrower class.
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The German State of North Rhine-Westphalia came to market on Monday for its final benchmark bond issue of 2020 — a €2.4bn sustainability bond. Although NRW is winding up this year's funding, there are still plenty of deals in the pipeline from its fellow Laender.
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The European Financial Stability Facility mandated banks on Monday to lead a euro dual tranche transaction in what could be the issuer’s first and final outing of the fourth quarter.
