Euro

Mizuho Financial Group will be looking to time the sale of a new senior deal very carefully this week, with euro market conditions still proving challenging for issuers.

Agence Française de Développement announced on Thursday that it will be launching a new framework showing how its treasury activities promote the UN’s Sustainable Development Goals. It has also boosted its funding programme to allow it to meet its clients' additional needs caused by the coronavirus pandemic.

After a week without deals, the primary euro public sector bond market will see a return of activity next week with Bank Nederlandse Gemeenten and the State of North Rhine-Westphalia preparing to bring sustainable deals in the currency.

Spain’s expected bond syndication, thought to be coming this week, now appears unlikely, according to several SSA bankers.

The European Union has passed the penultimate hurdle delaying its €100bn Support to mitigate Unemployment Risk in an Emergency (SURE) programme, all but clearing the way for issuance to begin. But one country’s request for funds has not yet been granted.

Spain, which is said to be readying a 10 year deal will have to contend with S&P's decision to change its ratings outlook for the country to negative on Friday. However, its secondary curve has not been badly affected.

A number of syndicated deals from German regions have failed to reach full subscription over the last few weeks. It is not clear whether they will respond by offering greater new issue premiums.

Beijing Enterprises Holdings took €500m from its maiden green bond on Thursday, helped by support from the bookrunners on the deal.

Guarantor: Federal Republic of Germany

Rentenbank made an impressive entry to the green benchmark bond market this week with its biggest ever order book in euros by overall size and number of accounts. Head of funding Leopold Olma, who has spent 20 years with the German development agency’s funding team, called it the “ultimate transaction”.

The Dutch State Treasury Agency has revised down its 2020 borrowing programme as a result of a better improvement than expected in its cash deficit.

Sovereign green bonds are becoming almost commonplace in Europe, but not all are convinced. Slovakia has no intention to enter the market, saying it is a costly exercise that “would not help anyone”.