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◆ Books remain intact with premiums paid ◆ Investor fatigue setting in ◆ Yields falling after Iran-US peace deal progress
Books were nearly four times the deal size, a record €1bn
◆ First deal to release IPTs on busy day ◆ MPS M&A bid had 'no impact' on deal, says lead ◆ Priced flat to fair value
Data
Currency's higher yielding appeal has lured investors across the capital stack
Issuers seizing moment as rates stabalise and spreads hold near historic tights but some deals betray signs investors growing sensitive on price
Less frequent issuers making the most of market with strong bid for yieldy assets
Borrowers want to issue and spreads are tight, but execution windows are very unreliable
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Volatility in the financial institutions bond market drove spreads even wider on Monday as a crash in the price of oil added to fears over the extent of the coronavirus outbreak. It was enough to close the primary bond market for the foreseeable future, said market participants. -
The European Commission's Technical Expert Group will be publishing its much-awaited Taxonomy and Green Bond Standard on Monday. GlobalCapital has received leaked copies from a source in Brussels. The GBS endorses a use of proceeds approach and limits the inclusion of operating expenditure. The Taxonomy contains reassurance for companies whose activities are not yet covered by it and sets out human rights standards.
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Sustainable finance specialists are waiting eagerly to see the precise details of the European Union's Taxonomy of Sustainable Economic Activities, the next draft of which will be revealed on Monday.
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The Bank of England may soon tweak its macroprudential policies and introduce a new funding scheme for banks to mitigate the economic impact of the Covid-19 coronavirus epidemic on companies. The measures would help lenders at a time when they could face pressure from lower rates and rising impairments.
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Bank of Montreal reopened the dollar market for Yankee banks this week, using ‘shadow books’ to quickly wrap up the sale of its floating-rate note.
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Bond issuers returned to the primary market this week showing greater resilience than many expected. The intense gyrations gripping underlying rates and equities mean that deals are likely to be far from easy to do for some time as the effects of the Covid-19 outbreak grip global markets.
Polls and awards
The awards recognise the market's leading deals, issuers, banks and other participants
The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
Don't miss your chance to choose this year's Bond Award winners
The covered bond market gathered in Seville to celebrate its standout deals, institutions and individuals
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