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The European Bank for Reconstruction and Development (EBRD) has introduced a new theme to market for socially responsible investments, printing a “health bond” in Polish zloty. -
Italy could retrieve half of the basis points it has lost to Spain in the run-up its general election next weekend — if the vote returns the most market-friendly result, according to a portfolio manager at a leading investment house. Spain, meanwhile, printed a 30 year benchmark with the second largest book ever for a euro sovereign deal in the tenor — another sign that the country is marching towards or already at semi-core status, said bankers.
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The Autonomous Community of Madrid this week made a triumphant second visit to the socially responsible investment (SRI) market as it printed a deal double the size of its debut last year. Further issuance from the borrower — in conventional and SRI format — is likely to come soon, although in private placement (PP) format. But there may be further SRI issuance from some of Madrid’s Spanish peers.
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The World Bank’s Sustainable Development Goal (SDG) themed bond could mark a sea change as socially responsible investors broaden their focus from environmental issues to the wider universe of sustainable assets, particularly focused on the UN’s SDGs.
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Issuance of Indian rupee MTNs is at record levels this year, with dealers citing higher yields and a stable exchange rate for the flows. Elsewhere in the market, Malaysian ringgit has made an appearance for the first time this year.
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A wave of Mexican corporates swapping the proceeds of dollar issuance back into their home currency has tilted the peso-dollar basis swap, benefiting those that can issue in pesos and swap back into dollars.
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Demand for SRI bonds and favourable basis swaps are boosting the Swedish krona market for SSAs, despite concerns late last year that the Swedish central bank’s tightening monetary policy and the krona’s appreciation against the dollar could stifle issuance. The European Investment Bank, Nordic Investment Bank and African Development Bank all came at the long end of the krona curve this week.
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Barclays rolled out sweeping cuts to its investment bank on Wednesday, with around 100 jobs gone across the business, including several managing directors in the EMEA primary bonds business.
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SSA issuers are able to offer a pickup against Mexican government bonds for the first time "in memory", according to one head of local currency bonds.
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GlobalCapital understands Stefan Kleine, formerly of BNP Paribas, will be joining Credit Suisse in a non-syndicate role.
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Cyril Romaphosa's victory in South Africa's African National Congress leader election on Monday sent the rand to its highest level against the dollar since June. The political shake-up could spark opportunities in the currency for borrowers, said bankers.
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Sales of private and structured MTNs have both fallen in 2017, with the private EMTN excluding self-led category down about 10% from a year ago.
