Euro
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The socially responsible investment market for public sector bond issuers is shaping up for another busy year, with one agency planning a debut print in the next few months. -
Portugal found the best possible medicine to a rising fever in its bond yields by building a large order book on Wednesday for its first syndication of 2017. Attention now turns to Italy, which faces a crucial rating review by DBRS on Friday.
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A seismic shift has affected appetite in euro borrowing. Investors driven out to outlandish maturities by low rates have come flooding back to the belly of the curve.
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Auckland Council on Thursday pulled off a 7bp tightening for its first ever public deal in euros. The trade was joined in the market by paper from the City of Hamburg and Bpifrance Financement.
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Agence Française de Développement made its 2017 debut with a €1.5bn five year on Wednesday, but longer dated euro deals seem to be struggling as European Investment Bank found with a April 2032 tap.
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Portugal took out around a fifth of its funding programme for 2017 on Wednesday, printing a €3bn 10 year deal. Bankers away from the trade said pricing looked a little cheap — but at the same time defended the sovereign’s debt office for playing it safe to win size.
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KommuneKredit is planning to sell its first green bond, aiming to bring the deal to market in the second quarter of 2017.
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The January rush of bond issuance is flooding screens with public sector deals, with $10bn of dollar funding and €4bn in euros arriving on Tuesday alone. Issuers are looking to stock up ahead of what may be a volatile year, but the strain may be beginning to show.
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Indian power company NTPC and Malaysia’s Genting Overseas Holding Company are planning their respective debut outings, with the former seeking euros and the latter dollars.
