Euro
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KfW has mandated banks for its first €STR transaction as it looks to become the third public sector borrower to sell a bond linked to the new euro risk-free rate. -
Islamic Development Bank has spurred momentum in the green sukuk market, as it announced its debut, a euro deal, in the format this week.
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Two SSA borrowers are coming to the market for euro deals on Tuesday. The European Financial Stability Facility and Erste Abwicklungsanstalt will both print what are likely to be their final benchmarks of the year.
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Two SSA borrowers tapped the seven year part of the euro curve this week, but came away with different results. Luxembourg received an oversubscribed book for its deal on Wednesday, while Nederlandse Waterschapsbank (NWB Bank) had to price without fully placing its €1bn trade.
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Investors had three Ukrainian corporate bonds to buy this week — the first time there has ever been such a choice, according to Dealogic data. The deals defied a tricky market and political turbulence to pull off strong results.
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Serbia has returned to the euro market after only four months, tapping the line it opened in June this year and raising cash to refinance dollar obligations it faces in 2020.
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A move in the Bund curve left the market too volatile for Nederlandse Waterschapsbank (NWB) to fully place its seven year euro benchmark on Thursday.
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China’s Ministry of Finance has raised €4bn from a three tranche deal, returning to the euro market after 15 years away. The bond is expected to encourage Chinese issuers from across the credit spectrum to tap the euro market, writes Addison Gong.
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Investors warmly welcomed the return of Luxembourg to the bond market on Wednesday, allowing the sovereign to bring the spread in by 4bp during pricing. But it still offered a decent concession at the final level, according to bankers away from the deal.
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Luxembourg is issuing a euro benchmark bond on Wednesday, for the first time for almost three years, setting out to raise €1.7bn with a zero coupon seven year bond. Other issuers are waiting to pounce if the European Central Bank's quantitative easing resumption creates the right conditions.
