HSBC
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French agency Caisse d'Amortissement de la Dette Sociale returned to the euro social bond market on Tuesday, equalling its impressive achievement earlier this month to print another €5bn deal.
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Two CEEMEA issuers, Egypt and Hungary's Mol, are in the market this week to raise funding. According to experts, issuers are eager to get their funding in before expected geopolitical and coronavirus-related volatility impacts markets.
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Mongolia returned to the dollar bond market on Monday, ending a nearly three year hiatus. The sovereign borrower pulled off a $600m liability management exercise that has taken care of the country’s upcoming bond maturities.
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Experian Finance, a credit scoring company, was out in the sterling bond market on Monday as a slew of euro corporate bond mandates hit screens. But the flurry is unlikely to lift a lacklustre September and a final quarter issuance window stymied by the US election means that analysts expect euro debt volumes to be almost flat on 2019.
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Caisse d’Amortissement de la Dette Sociale is set to return to the social bond market in euros after setting the size record for the format in the currency earlier this month — a feat it also recently achieved in the dollar market.
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The Arab Republic of Egypt has mandated banks to arrange its debut green bond, which will be the first sovereign green bond from the Middle East and North Africa. The deal, according to bankers, has been in the works for over a year and has been delayed by the Covid-19 pandemic.
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Mizuho Financial Group will be looking to time the sale of a new senior deal very carefully this week, with euro market conditions still proving challenging for issuers.
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Turbulent conditions forced several banks to delay bond issuance plans this week, and one even pulled a transaction after launch. Deal flow is likely to pick up again soon, but the cost of funding is certain to be higher, writes Tyler Davies.
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The European Central Bank decision to exempt sustainability-linked bonds from its internal rule that stops it buying bonds with step-up coupons is the final step in allowing this new market to take flight, specialists said this week.
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Chanel, the French luxury brand, made its debut in the sustainability-linked bond market on Thursday, but the deal found a lacklustre response from investors as question marks hang over demand for high end discretionary spending.
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AIB Group's new euro tier two capital issue, its first green bond, was comfortably subscribed on Wednesday, lifting confidence in the bank debt market after a difficult start to the week.
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China Development Bank Financial Leasing Co had to tackle questions from investors and weaker market conditions to sell the first dollar tier two bond from a Mainland leasing company.