Euro
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Nederlandse Waterschapsbank tapped a 24 year line for €250m on Tuesday. -
Barclays’ global banking business saw a strong start to the year, but without the huge percentage increases seen at its peers. It’s the comparison quarter that made the difference — Barclays was stronger in the turbulent first quarter last year than many other investment banks.
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Emmanuel Macron’s topping of the first round of the French presidential election last weekend drove the best euro funding conditions for months. Public sector borrowers duly piled into the primary market. With more political risk ahead, many are racing to be 75% done for the year by summer, writes Craig McGlashan.
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Last week's sole benchmark, a KfW outing in five year euros, impressed the GC BondMarker voters, who awarded it high grades in all categories. But how did it compare with KfW's other offerings this year?
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Elation in the euro markets after the first round of the French presidential election at the weekend continues to wash over the public sector bond markets, with the Province of Quebec selling its largest ever benchmark in the currency and Spain printing €5bn of inflation-linked paper.
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The European Financial Stability Facility on Tuesday priced a dual tranche deal that bankers are describing as possibly its greatest ever, laying to rest some of its other long dated trades this year that drew criticism. A pair of other issuers have also hit screens in a euro market enjoying what one syndicate head called “probably the best conditions we’ve seen in months”.
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India’s Power Finance Corp, which reached out to overseas lenders last month for a $100m-equivalent 10 year borrowing in euros, has failed to attract bids from banks, according to sources.
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The result of the first round of the French election has imbued the markets with a fresh confidence, prompting the European Financial Stability Facility (EFSF) to mandate banks for its third dual tranche trade in a row.
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A strong showing from Emmanuel Macron in the first round of the French election has been greeted as an “overwhelmingly positive development” by those in capital markets, according to a head of SSA DCM, and provides an exceptional backdrop for the European Financial Stability Facility’s expected benchmark.
