Euro

With borrowers universally ahead of schedule in their funding programmes but investors hungry for more supply, attention is turning to the market for socially responsible investments. Three agencies hit screens to sell SRI bonds this week, while a fourth is on the road marketing another.

The euro market, despite a week shortened by European holidays, churned out a steady diet of solid deals. The French election, credited with triggering the rally, is growing more distant but the bid for quality fixed income paper remains as healthy as ever.

The Italian Treasury on Thursday bought back €4.2bn of the November 2017 BTP Italia — more than €1bn above its target amount — as part of a syndicated exchange that swapped the bonds for paper maturing in the 2020s and 2030s.

News that the International Monetary Fund and eurozone finance ministers were unable to agree on Greek debt relief has sent yields on the beleaguered sovereign’s 10 year debt rocketing upwards.

The Flemish Community’s second ever outing in the public debt market raised €1.25bn over two tranches, pulling in large books and setting the final spread 4bp inside guidance on one of the legs.

Chinese digital map provider NavInfo has signed a €110m loan to fund its acquisition of a stake in a European company.

GlobalCapital is delighted to announce the winners of its Bond Awards for 2017. The results were revealed at a gala dinner at London's Globe Theatre on May 23. Thank you to everyone who supported the event by attending and voting in the polls that decided who were the best and brightest in bonds over the last 12 months.

The Kingdom of Belgium hit the long end in euros on Tuesday, taking advantage of a healthy market to raise €3bn with a 20 year bond. Meanwhile, Nederlandse Waterschapsbank (NWB) announced a tap of a 2041 line.

A pair of agencies launched socially responsible investment deals in euros on Tuesday, while a third picked banks for a dollar trade.

The Export-Import Bank of Korea (Kexim) offered European investors a rare euro deal from a Korean credit on Monday, securing a solid trade despite a tense political backdrop.

International consumer finance company Home Credit Group is syndicating a slice of its €500m fundraising to Asian banks.

The Export-Import Bank of Korea (Kexim) priced a five year euro benchmark on Monday, nipping in with a one day execution ahead of a trio of deals scheduled for Tuesday.