Euro
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SNCF Réseau, the French rail provider, made its green bond debut on Thursday, becoming the first railway agency in the eurozone to access the green market. -
Russia’s Domodedovo Airport will start meeting investors on Friday ahead of a planned five year dollar bond issue.
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SNCF Réseau will issue the first green bond ever from a European transport company on Thursday.
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A fourth issuer of the week has broken its record for longest dated syndication ever, while the European Financial Stability Facility wrapped up its 2016 needs with a trade that looked almost short end by comparison to the rest of the week’s euro supply.
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Austria was richly rewarded for taking a leap into the unknown on Tuesday, as it took orders of over €7bn for the longest dated syndication ever from a core eurozone sovereign. KommuneKredit also broke its tenor record in euros, while the European Financial Stability Facility hired banks for a tap of a bond that looks short end by comparison.
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Spain has lopped €5bn off its 2016 funding programme and has applied to make a fourth early repayment of part of its loan from the European Stability Mechanism (ESM).
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Austria is looking to stretch its curve to hitherto untapped lengths, as it mulls a 70 year euro benchmark. Also seeking duration, Rentenbank pushed out its curve, printing a bond at 20 years for the first time ever.
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Portugal’s bond yields fell to levels last seen in early September, as investor worries eased over a vital ratings review of the sovereign by DBRS this Friday.
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The long end will stay very much in vogue for euro issuers next week — which SSA bankers are predicting could be the last big window of issuance for the year.
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Spain has auctioned 50 year debt for the first time, wiping more than 80bp from its cost of funds compared with when it first syndicated the paper nearly six months ago.
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The World Bank on Tuesday sold its longest dated euro syndication and its biggest single issue in the currency in nearly three years, as SSA bankers hoped that other Washington DC-based supranationals could look at the currency.
