Euro
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Investors flooded the books for Austria’s latest foray into ultra-long debt, with more than €17bn of orders for a bond maturing in 2120 with a yield of only 88bp. But despite the clear appetite for duration, some are concerned that recent, unprecedented monetary stimulus will lead to inflation, writes Lewis McLellan. -
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Austria returned to the 100 year part of the curve — a tenor it has made its own — receiving its strongest ever order book for the maturity.
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The second slice of the ThyssenKrupp Elevator financing hit the market on Wednesday, with €4bn of bonds announced across secured and unsecured tranches in dollars and euros, joining the €3bn of loans earlier this week as part of the package to fund Europe’s largest LBO in a decade.
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Agence Française de Développement printed a €1bn tap on Tuesday, while Fondo de Amortisacion del Deficit Electrico (FADE) landed €1.2bn at five years.
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Austria mandated banks on Tuesday to lead its second century bond, in what will be a litmus test for investor appetite in the ultra-long end of the curve since the outbreak of the Covid-19 crisis.
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The Région Ile-de-France printed a dual tranche green and sustainability bond on Monday, raising a combined €800m with 10 and 20 year notes, as the green debt market returns to prominence
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NRW.Bank has mandated banks to arrange a series of virtual fixed income meetings as it looks to present its new social bond framework to investors ahead of a debut deal in the format.
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The Dutch State Treasury Agency has announced that it will reopen its inaugural green bond via auction next Tuesday as it looks to bring the trade closer to a benchmark size.
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The European Investment Bank and the State of Brandenburg have mandated banks to bring euro deals on Thursday, in what has been an extremely thin week for supply with issuers well funded and some weakness in secondaries.
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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, June 15. The source for secondary trading levels is ICE Data Services.
