Euro
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The Export-Import Bank of Korea jumped on the floating rate note bandwagon on Monday, raising $700m from the market. It also added a euro tranche with a green label to its transaction. -
Italy mandated banks for a new five year to be sold alongside a tap of a September 2050 bond on Monday as it prepares to bolt on a bigger funding programme in order to fund its effort against the coronavirus pandemic. The sovereign will be joined by Luxembourg in the euro public sector bond market on Tuesday.
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The European Central Bank has been buying Italian government paper well above the pace indicated by the capital key, but has still struggled to keep the beleaguered sovereign’s spread to Bunds in check.
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Cassa Depositi e Prestiti pulled off a €1bn dual tranche Covid-19 response bond on Wednesday, capitalising on investors’ desire to deploy cash into coronavirus instruments to ride out a difficult market.
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Greece did not attract the huge reception from investors that it has grown used to over the last few years, despite paying a considerable new issue premium and being eligible for the European Central Bank’s Pandemic Emergency Purchase Programme (PEPP).
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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 Tuesday, April 14. The source for secondary trading levels is ICE Data Services.
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Greece is looking to become the latest eurozone sovereign to sell a seven year syndicated bond, after mandating banks on Tuesday for the transaction.
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