Euro
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Following the success of the first Spanish public sector green bond, the market’s attention has turned to the highly anticipated debut green bond from the Spanish sovereign. -
The Arab Republic of Egypt on Thursday printed a €2bn dual tranche euro deal with a massive negative new issue premium of 22bp on the longer bond — one of the largest ever negative concessions on an EM issue. The deal takes Standard Chartered to the top of Dealogic’s league table of CEEMEA bonds, though it is a title to be only briefly held as the Saudi Aramco jumbo bond is expected next week, which other banks are arranging.
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A French agency and a Belgian sub-sovereign are preparing to issue their first bonds.
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The European Investment Bank and Flemish Community brought sustainability-linked transactions on Thursday, with investors piling in despite a busy market elsewhere.
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Romania printed a €3bn triple trancher this week, the country’s largest ever euro deal, with one of the three tranches also being the longest ever euro bond from the country.
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The SSA green bond market looks set for a busy few weeks, with the Dutch sovereign and Instituto de Crédito Oficial (Ico) primed to print debuts following SNCF Réseau’s tapping its green paper on Thursday.
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SNCF Réseau reopened its December 2047 green bonds for a €250m tap on Thursday, with the issuer bumping up the liquidity of its long dated debt.
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Romania has released initial price guidance for its euro triple tranche bond, a deal which is expected to total over €2bn and includes the sovereign’s first ever euro 30 year bond.
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Ireland raised €300m through an inflation-linked bond in the private market on Tuesday. The note is Ireland’s second of this type, after a €609.5m private placement in April 2017.
