Euro

Société de Financement Local (SFIL) has picked banks to sell its first benchmark in euros this year.

The Dutch government is preparing to issue its first green bond next week, and has introduced a new feature to the market: investors can register as accredited green bond investors to receive preferential allocations.

Ceske Drahy, the Czech national railway company, hit screens on Thursday announcing a euro benchmark, returning to the bond market for the first time in three years.

Books for Russian Railways’ eight year euro green bond had breached the €1.4bn mark by lunchtime on Wednesday, allowing leads to tighten pricing. A banker away from the note said the levels offered looked fair.

Nepi Rockcastle, a Johannesburg- and Amsterdam-listed real estate fund, printed a €500m four year bond on Wednesday. In doing so, it seemed to shake off concerns about the company raised by research firm Viceroy in November, though investors still had questions during the marketing of the bond.

The Republic of the Philippines returned to the euro bond market on Thursday, after a more than 10 year hiatus.

NRW.Bank mandated banks on Wednesday for a 10 year euro bond, in what is the agency’s first benchmark since rules were changed to allow the bank to be dissolved by law only.

Russian Railways is embarking on a roadshow to market its first green bond, which DCM bankers say is the first international green bond from the country. It it entering the market despite a round of US sanctions seeming to be on the way.

With South Korea and the Philippines heading to euros for new bond transactions, more issuers from Asia should take courage and consider funding in the needlessly neglected currency.

Greece and the European Stability Mechanism will reinvigorate the euro public sector market next week with benchmark bonds in the short to mid part of the curve, according to bankers.

Rating: A2

Région Wallonne almost wiped out its total funding needs for the year with its first set of benchmark and sustainable bonds on Thursday.