Euro
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Société du Grand Paris (SGP) mandated banks on Monday for its second benchmark green bond, following its debut last October. Meanwhile, KfW hit screens for a long three year benchmark, the agency’s third benchmark in euros this year. -
Greece’s new 10 year benchmark sold last week — its first in that maturity since 2010 — was trading wider in the secondary on Monday before a potential postponement of a €1bn disbursement to Greece by the European Central Bank.
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This week's funding scorecard looks at the progress French agencies have made in their funding programmes so far this year.
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Public sector borrowers are set to enjoy yet more enviable funding conditions in euros, with central banks on an even more dovish path than before. At least one benchmark is in the pipeline for next week, while this week a core eurozone issuer sold its largest ever deal.
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Following the success of its first 10 year bond in almost a decade, Greece is looking to have a frequent presence in the debt capital markets. The sovereign may even return with either a tap or a new issue this year, even though it has met its minimum planned issuance of benchmark bonds for 2019 and has a significant cash buffer.
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The European Central Bank struck a decidedly dovish tone at its meeting on Thursday, meaning there were no nasty surprises for SSAs planning bond issues in the coming days. A French agency is on screens for a deal in dollars this Friday, while euro and dollar benchmarks are slated for next week.
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The State of North Rhine Westphalia sold an unusually large amount of debt in the SSA market on Wednesday through a dual tranche offering, with one of the bonds coming with a sustainable label.
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Greece received a huge reception for its first 10 year benchmark in almost a decade on Tuesday, taking advantage of a double upgrade by Moody’s last Friday and strong market conditions.
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China’s Guotai Junan Securities Co double-dipped in the international market this week, raising $500m from the sale of a three year bullet on Monday before launching a three year euro-denominated trade on Tuesday to raise an additional €225m.
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Greece mandated banks on Monday for a 10 year syndication, which will be the sovereign’s longest tenor since making its public bond market comeback in 2014.
