Euro
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FMO began a series of investor calls on Monday to market a rare tier two bond issue ahead of a call date of a previous deal in the format in December. -
Social commercial paper could be on its way to the SSA market, with several issuers telling GlobalCapital that investors are interested in the product. However, some are sceptical that themed debt will work in CP format.
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Belgium returned to the MTN market in euros on Tuesday with a 60 year note — its first private placement in the currency for over 18 months.
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The 15 year tenor is the flavour of the week in the SSA market. Three issuers have mandated for deals at the tenor so far, following on from NRW.Bank’s successful trip to the maturity on Tuesday.
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The European Bank for Reconstruction and Development raised some eyebrows with an aggressive spread for its three year dollar benchmark, but the issuer was able to pull in enough demand to print $500m more than anticipated.
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The Finanzagentur has adjusted its issuance schedule for the third quarter of 2020, and has announced its plans for its first ever green deal.
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Agence France Locale is set to sell its first ever sustainability bond, setting up virtual meetings with investors this week. Another debut issuer, NRW.Bank, has just announced details of its inaugural social bond.
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Emerging market investors are anticipating a wave of corporate and FIG issuance from across the CEEMEA region, which they say will be welcomed with open arms. Russian petrochemical company Sibur is the latest such borrower looking to being a new bond, hosting investor calls on Monday.
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Agence Française de Développement hit the market twice this week, taking advantage of the absence of competing supply to pick up cash in euros and dollars. Thibaut Makarovsky, head of funding and market operations at the agency, discussed the deals with GlobalCapital.
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Investors flooded the books for Austria’s latest foray into ultra-long debt, with more than €17bn of orders for a bond maturing in 2120 with a yield of only 88bp. But despite the clear appetite for duration, some are concerned that recent, unprecedented monetary stimulus will lead to inflation, writes Lewis McLellan.
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