Euro
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European public sector issuers are gearing up for another year of potential political turbulence, with the trend for pollsters to fail to call results — as seen with the election of US president-elect Donald Trump and Brexit — likely to make issuance planning more difficult. That outlook is likely to force a more dovish approach from the European Central Bank at its last governing council meeting of the year in December, said bankers.
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As the end of 2016 approaches, borrowers are turning to the green market for their remaining funding, with a pair of SSA borrowers returning to the syndicated market for socially responsible investment products on Thursday.
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The European Stability Mechanism has reduced its funding needs and completed its borrowing programme after accepting a €1bn early loan repayment from Spain.
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Public sector borrowers have hardly skipped a beat in the wake of Donald Trump’s election victory, getting back on track with an NRW.Bank green bond mandate hitting screens on Wednesday.
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The FIG primary market has largely remained quiet ahead of the US election on November 8, and some borrowers desiring funding have even sought ways around having to get caught up in its aftermath.
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Ross Lancaster interviewed the heads of EMEA corporate debt capital markets at 11 of the top 20 banks asking their views on the market. Here are the results.
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US glass container manufacturer OI on Thursday added its deal, a loan-to-bond refinancing, to a high yield market scoreboard already loaded with another seven offerings.
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The demand for duration reached fever pitch this week as Austria sold the longest dated eurozone government bond ever and a trio of other public sector borrowers printed their longest dated syndications to date. But that momentum towards length may have been halted by a shuddering sell-off in eurozone and other government bonds on Thursday.
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SNCF Réseau printed its first ever green bond on Thursday, becoming the first Eurozone railway company to sell a green bond. It was joined in the socially responsible investment market by a vaccine bond from IFFIm.