Nomura
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Some Asian sovereigns are at risk of being pushed out of investment grade territory as the Covid-19 pandemic takes a toll on their economies. India and Indonesia are of particular concern, with fears high that they are close to becoming fallen angels. -
Asian Development Bank (ADB) and Agence Francaise de Developpement (AFD) hit the market for dollar paper on Tuesday, with the Manila-based supra going for five years and the French agency opting for three years.
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Any concerns over Italy’s market access were vanquished on Tuesday when the sovereign received €110bn of orders for a dual tranche bond syndication, allowing it to raise €16bn as it makes inroads into its enlarged funding task in response to the coronavirus pandemic.
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CPPIB Capital, the Canada Pension Plan Investment Board, dived into the long end of the sterling bond market on Monday for a bumper follow-up to January’s jumbo debut.
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The European Financial Stability Facility received plenty of demand for an intraday dual tranche bond sale to complete its funding for the period from April to June with its first issuance window of the second quarter.
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Italy mandated banks for a new five year to be sold alongside a tap of a September 2050 bond on Monday as it prepares to bolt on a bigger funding programme in order to fund its effort against the coronavirus pandemic. The sovereign will be joined by Luxembourg in the euro public sector bond market on Tuesday.
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The Inter-American Development Bank brought the second jumbo supranational deal this week as the improvement in market conditions brings confidence back to investors .
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Greece did not attract the huge reception from investors that it has grown used to over the last few years, despite paying a considerable new issue premium and being eligible for the European Central Bank’s Pandemic Emergency Purchase Programme (PEPP).
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Greece is looking to become the latest eurozone sovereign to sell a seven year syndicated bond, after mandating banks on Tuesday for the transaction.
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Nomura has hired a new head of investment banking for Southeast Asia.
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Svenska Handelsbanken attracted €8.5bn of demand for a new preferred senior bond on Monday, as credit markets started the week on a strong footing. The Swedish lender said the transaction would help it to ‘prudently manage’ its liquidity position.
