Euro
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Another slew of socially responsible SSA deals hit screens on Wednesday, all achieving impressive size and healthy order books, showing the strength of the market in euros for the borrower class. -
The German State of North Rhine-Westphalia came to market on Monday for its final benchmark bond issue of 2020 — a €2.4bn sustainability bond. Although NRW is winding up this year's funding, there are still plenty of deals in the pipeline from its fellow Laender.
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The European Financial Stability Facility mandated banks on Monday to lead a euro dual tranche transaction in what could be the issuer’s first and final outing of the fourth quarter.
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Green, social and sustainable issuance has dominated the supranational and agency bond market for a whole month, consistently outpacing conventional supply. That trend looks set to continue with three SRI deals already on screens.
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Now that SSAs are back to pricing at the spreads they offered before coronavirus hit, central bank investors are pushing back and reducing their orders.
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Public sector debt market participants are still on tenterhooks, awaiting the arrival of the EU’s now much delayed funding programme. Many of the sector’s top borrowers have all but cleared their decks in preparation, but some are still grappling with inflated borrowing requirements as a result of the coronavirus pandemic. Lewis McLellan reports.
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Bank Nederlandse Gementeen kicked off a busy week for socially responsible bond issuance by public sector borrowers with a well-received 12 year sustainable bond, its longest ever deal in that format.
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The City of Bremen was heavily undersubscribed as it came to the market with an eight year bond on Thursday, in what is the region’s second consecutive public deal that has failed to reach full subscription.
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The Development Bank of Japan will kick-off a series of investor calls on Thursday for its first sustainability bond under its freshly updated framework, which includes assets related to its response to the Covid-19 pandemic.
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Finland is unlikely to pay another visit to the syndicated or private placement markets this year and will instead look to round off its long-term funding needs with a tap via auction.
