The European Bank for Reconstruction and Development has printed a pair of tightly priced currency linked notes, showing that investors are accepting lower yields in return for exposure to potential currency appreciation.
The African Development Bank returned to its inaugural Norwegian krone social bond to increase the trade to Nkr1bn ($109.4m) this week, as it looks to move its social bond framework into other currencies, including dollars.
German agency KfW revisited the Norwegian krone market yet again on Tuesday to place its 15th trade of the year in the currency. The deal brings KfW’s Nokkie issuance up to a record Nkr17bn ($1.9bn) for the year to date, according to Dealogic, Nkr250m more than its previous 2011 record.
German tyre manufacturer Continental rolled into the market on Wednesday, one week after it priced its debut floater in the MTN market last week. The manufacturer had enjoyed several years away from the capital markets, before returning in September with a series of public deals. Elsewhere, political events in Turkey have left lira issuance surrounded in “uncertainty.”
Corporate, FIG and SSA issuers placed floating rate notes this week, pegged to Euribor, Sonia and Libor. With so many issuers coming to market, bankers are interested to see which other borrowers 'take advantage of the liquidity'.
The European Bank for Reconstruction and Development has issued a synthetic Tunisian dinar-linked note, the longest ever offshore issue in the currency, according to the swap market structurer.
The Netherlands Development Finance Company (FMO) sold the first offshore Bolivian boliviano bond last Friday. The currency-linked bond was structured by the Currency Exchange Fund (TCX), of which FMO is a part owner, and is part of a wider push to develop frontier capital markets.
The Netherlands Development Finance Company debuted the first offshore Bolivian boliviano bond last Friday. Meanwhile on Monday, French agency Caisse des Dépôts et Consignations again returned to the ultra-long end to place a pair of callable euro notes.
Bankers were surprised that the African Development Bank placed a one year bond last week linked to environmental, social and governance (ESG) factors.
Ireland has extended its curve out to 2119 by placing its second century bond, three years after it sold its first in the tenor. Century and ultra-long dated bonds have seen a resurgence of interest this year as issuers look to lock in low interest rates at long dated maturities.