Euro
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Quantitative easing, perhaps the single most important factor affecting bond prices over the past three years, could be coming to a long awaited end this year. Members of the European Central Bank governing council seemed to hint as much this week, causing govvie spreads to gap wider, writes Lewis McLellan. -
The Basque Government this week gave one of the best signs that investor worries about Italy’s political situation are unlikely to spill over to other countries as it printed a three times subscribed debut sustainability bond.
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NRW.Bank is preparing the next line in its green bond offering and hired banks on Thursday to run investor meetings next week.
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China Everbright Bank’s Hong Kong branch sold its first euro-denominated bond on Wednesday, part of a dual-currency floating rate transaction.
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The Federal State of Berlin printed a 15 year trade on Wednesday — its first €1bn bond since 2015, according to Dealogic. The trade was joined by a five year from Corporación Andina de Fomento.
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European government bond yields have climbed in the wake of an unusually hawkish turn in the tone of comments from members of the European Central Bank's governing council.
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A number of corporate bond issuers are taking advice from their bankers about accessing the market, but the new issue premiums paid by Volkswagen Bank and Carrefour put them off from launching their deals on Wednesday.
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After a volatile May, which ended with a week of no corporate bond issuance as market volatility and public holidays took their toll, investors have welcomed the slow, steady pace at which supply has returned.
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Slovakia sold 10 year and 50 year bonds from a combined book of over €5bn on Tuesday, the first European sovereign bond since Italy-led volatility last week turned government bond traders’ screens into a kaleidoscope of reds and greens. It was also the longest CEE print in over a decade.
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Industrial and Commercial Bank of China’s London branch issued a $1.5bn-equivalent green bond on Tuesday, becoming the third big Chinese bank to hit the offshore debt market with floating rate notes in less than a week.
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The Basque Government’s return to bond markets on Tuesday after a more than two year absence suggested that investors are not duly concerned about Spain being caught up in volatility last week, with orders ploughing into the debut sustainable bond issue.
