Euro
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While many of the main euro issuers have already scored their big January benchmarks, the pipeline of euro issuance is growing increasingly congested, although the range of maturities on offer should allow borrowers to avoid treading on each other's toes. -
The Spanish sovereign launched a €9bn 10 year on Tuesday, bringing the largest eurozone sovereign syndication so far this year.
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France surpassed the expectations of even the most passionate supporters of the green bond market on Tuesday, selling comfortably the largest ever print in the format. Socially responsible investment (SRI) experts believe the deal makes it almost certain that other sovereign issuers will add green bonds to their funding mix.
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Two more European sovereigns have hit screens with 10 year euro mandates, hoping to enjoy the same success that Portugal and Belgium with their deals at the 10 year range this year.
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The Agence France Trésor has announced the maturity date for the first ever French sovereign green bond, which could be priced this week.
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Euro bonds at the 10 year maturity and beyond have proven difficult so far in 2017, but a strong performance from the European Investment Bank may have shown other issuers what it takes to pick up size at long maturities.
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Belgium is hoping to revisit the distant reaches of its euro curve, telling GlobalCapital that it is looking at selling 40 year debt in 2017.
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Italy on Wednesday produced an almost carbon copy trade of Belgium’s 10 year euro benchmark from earlier this week, printing €6bn as its curve tightened in the background — although with a longer dated bond.
