JP Morgan

The International Development Association (IDA) priced its debut euro benchmark around 5bp wider than its sister issuer, the World Bank, according to the leads.

Enel, the Italian electricity and gas company, held investor calls today for its first trial of its new sustainability-linked bond structure in euros, likely to be launched tomorrow. The deal has a more complex structure than the $1.5bn bond with which Enel introduced this technique to the bond market for the first time in early September, in that it contains tranches with different triggers.

The European Financial Stability Facility (EFSF) is preparing its first benchmark of the fourth quarter and Ireland has picked the banks to lead the first tap of its sovereign green bond.

Raiffeisenlandesbank Niederösterreich-Wien (RLB Noe Wien) found the euro primary market to be quiet but bullish this week, allowing it to launch a new senior unsecured bond at what lead managers saw as a fair pricing level.

Indian telecommunications company Bharti Airtel’s efforts this year to deleverage were capped with the issuance of a subordinated perpetual $750m bond on Tuesday. The deal, alongside further stake sales planned for the rest of 2019, puts the company on track for a more stable debt profile. Morgan Davis reports.

The Inter-American Development Bank and the State of North Rhine-Westphalia only managed to raise small sizes in the sterling market on Tuesday, with the leads on the latter declining to comment on whether the deal was fully subscribed.

Greece and the Province of Québec won strong books in the euro public sector bond market on Tuesday, with the latter returning to the currency for the first time since June 2018. An attractive basis swap for dollar funders to issue in euros has tempted the International Development Association (IDA) out on screens for its first euro benchmark.

Public sector borrowers enjoyed healthy subscription levels and minimal new issue concessions in the five year part of the curve as they returned to the dollar bond market following the Golden Week break in China.

LBBW and JP Morgan have claimed first execution of an electronically negotiated euro short-term rate (€STR) swap transaction, on Bloomberg’s UK multilateral trading facility (BMTF).

Italy is out with initial price thoughts for its first dollar bond since 2010 as it aims to rebuild its curve in the currency. The sovereign is taking indications of interest for five, 10 and 30 year maturities, ahead of an expected launch on Wednesday.

Deutsche Bahn is hitting the tracks for a dual tranche hybrid trade, with the railway company due to meet investors from Wednesday.

Health and Happiness International Holdings, a China-based supplier of paediatric nutritional and baby care products, has returned to the loan market for a multi-tranche transaction.