Euro
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Italy took orders of over €80bn for its first green BTP on Wednesday to become the latest sovereign to enter the green bond market. Germany was also in market, raising €3bn with its first 15 year deal via auction. -
KfW rebooted the short end of the euro public sector bond market on Tuesday with a well subscribed trade which offered a modest new issue premium. The deal shared the euro SSA market with the State of Baden-Württemberg’s debut green bond.
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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 Monday, March 1. The source for secondary trading levels is ICE Data Services.
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Four public sector borrowers announced new deals in the primary market on Monday ahead of the European Union’s much anticipated second transaction from its Support to mitigate Unemployment Risks in an Emergency programme this year, which is expected to arrive later in the week.
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BPCE found plenty of demand for a long-dated senior deal in euros on Monday, even as secondary spreads drifted wider.
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Fund managers are eyeing up opportunities in the additional tier one (AT1) market this year, with spreads still said to be well wide of their potential lows.
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Hamburger Hochbahn, the city public transport operator, made its bond market debut on Wednesday, slotting into the market neatly with a €500m 10 year green bond and a €3bn order book.
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Rabobank found good demand for a 12 year senior bond in the euro market this week, as it took advantage of rise in rates to land at a record tight spread.
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Italy hit the market with a dual tranche on Tuesday, raising €4bn with a 30 year linker and €10bn with a new 10 year BTP. A sharp move in pricing on the 10 year leg meant it lost €45bn of orders, but SSA bankers on and off the deal said the trade was still a good result.
