Euro
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Bank of China has printed Asia’s largest green bond in a $3bn deal split between dollar, euro and CNH tranches. The landmark trade attracted strong investor demand and gave a much needed fillip to the dim sum bond market. -
A pair of European agencies tapped euro lines today in a recovering but still cautious SSA market.
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Regulations governing maximum loan to value (LTV) ratios on mortgage lending imposed by Finland’s Financial Supervisory Authority that take effect this month are positive, but they will have a limited impact on Finnish covered bonds.
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Covered bonds opened wider, in line with a softening in credit markets, but quickly rebounded to being unchanged from Monday’s close, although Commerzbank’s latest deal has outperformed.
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The European Central Bank’s rate of covered bond purchasing in June was little changed from May and close to the lowest this year.
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Bank of China has hit the market for its multi-currency green bond, with an offshore renminbi portion in only the second time a green dim sum bond has been sold.
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A pair of public sector borrowers on Monday joined the handful of issuers that have sold well subscribed taps since the UK voted on June 23 to leave the European Union. But there are growing hopes that the first new issue since Brexit could happen this week — in euros, at least.
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Bank Nederlandse Gemeenten held an investor call on Monday to gauge interest in a possible debut social bond.
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Commerzbank issued a well-received €750m eight year covered bond on Monday. The first euro benchmark since June 15 sends a strong signal to other issuers that have funding needs and shows that the sometime precarious funding window is now firmly open.
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The latest Obbligazioni Bancarie Garantite issued by Monte dei Paschi di Siena (MPS) was barely changed on Monday after the bank’s share price sank to new record lows in the wake of news that the European Central Bank had requested a sale of its non-performing loan (NPL) stock.
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The UK subsidiary of Santander issued a £500m three year floating rate deal on Friday in an exercise that suggested UK banks still have good access to wholesale funding. The deal comes as several banks line up with euro benchmarks next week, and amid growing signs that a further expansion of quantitative easing is on the way.
