Euro
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Germany smashed its return to the syndicated bond market on Wednesday with its biggest ever order book and deal in the format, which was priced flat to fair value at the final spread, according to the leads. -
SBAB Bank found plenty of room to tighten the pricing on a new preferred senior deal in euros on Wednesday, after investors welcomed the trade’s green credentials.
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Instituto de Crédito Oficial (Ico) is holding a series of investor calls to introduce its updated social bond framework ahead of a transaction which will be specifically used to target the effects of the coronavirus pandemic.
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The Federal State of Saarland hit the market on Monday to raise €500m with its first seven year bond since 2016.
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Unédic, the French agency responsible for providing the country's unemployed with social benefits, has had to ramp up its borrowing programme for 2021, thanks to the impact of the coronavirus pandemic.
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The European Central Bank’s press conference on Thursday did not provide the headline fireworks that its last meeting did. The sombre tone caused “disappointment” among investors and a slight widening of peripheral spreads. SSA issuers were also left dissatisfied with the bank’s lack of support for the money markets.
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Funding needs of regions across Europe are expected to rise this year as borrowers fund responses to the coronavirus pandemic. Spanish and German regions in particular will face heavier borrowing requirements.
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The European Investment Bank and the Region of Madrid stood out in the public sector bond market this week, with the former achieving its biggest ever order book for a euro benchmark.
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The Netherlands has increased its borrowing programme for the year as a result of a measures taken by the government following the outbreak of the coronavirus pandemic.
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Italy was able to raise almost €6bn in auctions with ease on Wednesday following Tuesday night’s unexpected downgrade by Fitch, which leaves it just one notch above junk.
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Fitch Ratings has lowered Italy’s credit rating one notch to BBB- on Tuesday night, making the move more than two months ahead of its scheduled review in July.
