Euro
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Investors jumped on the opportunity to buy euro bonds with a positive yield in the public sector market this week as KfW and Kommunalbanken sold 15 and 10 year bonds respectively, with the latter returning to the currency for a benchmark for the first time since 2017. -
Kommunalbanken was almost twice covered for its 10 year euro trade on Thursday as it returned for its first benchmark in the currency since 2017.
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The European Union returned to the MTN market for the first time since 2017 on Monday to finance the first of three €20m disbursements to Moldova.
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China Construction Bank returned to the international bond market on Tuesday, turning to dollar and euro investors with two separately-executed deals worth a combined $1.551 billion.
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The European Bank for Reconstruction and Development and Ireland faced off in the euro green bond market on Thursday.
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The European Financial Stability Facility (EFSF) is preparing its first benchmark of the fourth quarter and Ireland has picked the banks to lead the first tap of its sovereign green bond.
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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.
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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.
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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.
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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.
