A €1bn five year covered bond issued on Tuesday by Caffil, that was designed to provide funding for French hospitals in response to the Covid-19 pandemic, has demonstrated that the market for public sector covered bonds, which has been in decline for more than a decade, could now be reinvigorated. Higher local authority spending could well find its way into the cover pools of French and German covered bond issuers, the head of treasury and financial markets at SFIL, Caffil's parent organisation, said on Wednesday.

Caisse Française de Financement Local (Caffil) has launched the first negative yielding covered bond since the onset of the coronavirus crisis in Europe, after linking the use of proceeds from the deal to fighting against the effects of the pandemic.

Kookmin Bank’s move to print a dollar bond to raise money for Covid-19 relief shows that sovereigns, government-owned banks, agencies and multilateral development banks are not the only ones that can help tackle the pandemic. Privately-owned firms also have a big role to play in global stimulus efforts.

The region of Madrid and the European Investment Bank are both marketing seven year euro deals, with the former preparing the first green labelled bond by a Spanish government entity. Elsewhere in the euro public sector bond market, Ontario Teachers’ Finance Trust is moving forward with its first bond in the currency.

Five years after issuing its first green Pfandbrief, Berlin Hyp (BHH) issued its first two green private placements, just before publishing it annual green bonds report on Monday. But Pfandbrief benchmark supply hopes seem distant as spreads to German Laender are prohibitively tight.

Bpifrance became the first French issuer to sell a Covid-19 response bond on Friday, raising €1.5bn.

New changes will allow for 'more intuitive' analysis and increase maximum covered bond rating uplift

Fitch has replaced Moody's as main rater

Bifurcation is emerging in how investors treat the hyperscalers

Lessor's $717m deal shows aircraft lease ABS spreads back at pre-war levels

Spreads widen after string of surprise jumbo tech trades

Alphabet, Amazon and Oracle may give bond market a rest

Books multiple times covered as company seeks money for energy investments

Deal to recoup costs to pay for 2018 Woolsey fire damage

Enpal plans its fourth issuance for later this year

Few sub-Saharan African issuers have issued Samurai and fewer without a guarantee

Break-up with Fitch over downgrade has not put off investors

Strong appetite from international banks for first gigascale 24/7 solar plant

Issuer has set the stage for peers to return to public market

Uneventful ECB passes as SSA bankers say bigger risk is energy shock lasting into August reopening

The trade may persuade other top-tier GCC sovereigns that the public market is open

US drug company Eli Lilly jolted the dollar market awake on Wednesday with an eight-part jumbo trade to fund two recent acquisitions

The US dollar market buoyant this week despite escalating hostilities in the Middle East

Redwood will be a repeat issuer