Euro
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The International Development Association is set to make one of its rare outings to the euro market on Tuesday, joining a 20 year from Ireland, which will be the third sovereign deal this week. -
A pair of European sovereigns hit the market on Tuesday, raising a combined €12.5bn. Austria launched a four and 50 year dual tranche, but it was the short leg that raised eyebrows, demonstrating demand exists even below the ECB deposit rate.
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It is almost a month since the ECB promised to “significantly increase” the pace of its purchases under the Pandemic Emergency Purchase Programme. So far, the purchase data reveals little in the way of acceleration, but the head of the Italian treasury Davide Iacovoni says it’s on the way.
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Lansforsakringar Bank (LF Bank) enjoyed the sole attention of the market on Thursday as it placed the day's only senior bond in euros. With market conditions constructive, bankers expect more esoteric names could follow.
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KfW hit the market with an impressive green bond this week, raising a record €4bn of eight year paper and paying only 1bp of new issue concession to do so.
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Italy and Portugal are the first two eurozone sovereigns out of the blocks for syndications following the Easter break, with the former looking to extend its curve by a further five years.
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French president Emmanuel Macron announced on Wednesday that stringent lockdown measures imposed in some areas will be extended nationally for a month. Though the measures will cost France €11bn, it is unlikely to provoke a serious response in France’s bond market.
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Romain Miginiac, head of research at Atlanticomnium, says the European banking sector is emerging from the coronavirus crisis in surprisingly good shape. But he warns that the pandemic could still be very painful for certain institutions.
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The Autonomous Community of Andalucia has selected banks to arrange a series of meetings with investors to promote its new sustainable finance framework and provide a credit update.
