Euro
-
Greece has appointed a syndicate to lead a tap of the 10 year bond it issued earlier this year, in what will be its fourth public transaction of 2019. The trade will be joined in the market by a new 10 year euro benchmark from the Province of Québec. -
-
The World Bank made a brave foray into uncharted territory this week, printing a 30 year euro benchmark. Unfortunately for the supranational, the trade met with sharp criticism over its price, and speculation abounded that the deal had not been fully subscribed.
-
Italy’s first inflation-linked syndication in more than two years hit the market on Wednesday and raised €4bn from a book of €22bn, far outstripping the €6.4bn book for its previous linker sale.
-
Swiss investors’ thirst for yield was quenched in some style at the end of last week, when Russian Railways printed the largest Swiss franc transaction of the year from an emerging market borrower.
-
The Ministry of Finance of the Lao PDR is inviting banks to join a €135m five year loan that Credit Suisse pre-funded in June.
-
Oesterreichische Kontrollbank hit screens on Tuesday with its first ever sustainability bond, raising €500m with an eight year benchmark.
-
-
Montenegro came to market on Thursday for its first ever 10 year bond. Demand for the euro deal proved strong enough for the issuer to raise €500m and allowed the leads to set the yield roughly flat to fair value.
-
Kommuninvest kicked off the dollar market this week with a $1.25bn blowout, despite it being at record tight levels over Treasuries, according to a banker on the deal. Following on from Kommuninvest’s deal, a wide range of SSAs look to print across the curve, including rare issuer IDB Invest with its five year dollar bond debut.
-
The Republic of Kazakhstan and the State of Montenegro have mandated for the first euro bonds from the CEEMEA region since the market re-opened in September.
-
The order book for Emaar Properties’ 10 year sukuk had hit around $1.85bn by Tuesday morning, but the issue size will be capped at $500m, according to a DCM banker on the deal.
