Euro
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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. -
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.
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France's Agence Française de Développement is looking to hire a director of its treasury and capital markets department.
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Société Générale benefitted from calmer issuance conditions on Thursday as it sold €1bn of new tier two debt. The deal takes another chunk out of the issuer’s capital plans, which totalled a sizeable €4.5bn at the beginning of the year.
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Unédic, the French unemployment agency, had the euro SSA primary market to itself on Wednesday, allowing it to comfortably print €3bn with its second social bond benchmark of the year.
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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, March 23. The source for secondary trading levels is ICE Data Services.
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The European Union made a quick trip to the bond market on Tuesday morning to collect €13bn — €8bn at five years and €5bn at 25. It found itself selling into stronger market conditions than have prevailed for the past few weeks, thanks to the European Central Bank’s beefed up intervention. But despite the strong backdrop, the market is still quieter than expected.
