NatWest Markets
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Bank Nederlandse Gementeen kicked off a busy week for socially responsible bond issuance by public sector borrowers with a well-received 12 year sustainable bond, its longest ever deal in that format. -
Europe’s high grade primary market chugged on with a handful of trades on Wednesday, but syndicate bankers acknowledge that supply looks to be muted in what should usually be a hectic period.
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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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After a week without deals, the primary euro public sector bond market will see a return of activity next week with Bank Nederlandse Gemeenten and the State of North Rhine-Westphalia preparing to bring sustainable deals in the currency.
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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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The frenetic pace of the high-grade dollar bond market slowed on Thursday as investors showed signs of indigestion.
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Informa, the UK publishing and events business, has said it is considering paying back its private debt placements and issuing bonds instead. Companies tend to avoid early repayment in the PP market because of the cost of makewhole payments, but several market sources said Informa was trying to extricate itself from financial covenants.
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Swedish Export Credit Corporation took full advantage of the quiet SSA market to print a three year dollar benchmark on Wednesday. Ontario Teachers Finance Trust is set to follow on Thursday.
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The UK rode out renewed fears of the resurgent coronavirus pandemic on Tuesday, printing its second syndicated deal of the month with an order book over seven times covered.
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World Bank gave a big boost to the flagging volumes in the sterling public sector bond market this week with the biggest deal in the currency from a supranational or agency borrower in five months.
