Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
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◆ Hybrid bonds bid wider as govvies sell off ◆ EDF book holds firm earlier this week ◆ Some concession ensures healthy demand
More fully battery electric vehicle-backed deals are expected with similar loans expected to back a larger proportion of mainstream auto ABS
◆ Part of prefunding for 2027 ◆ Low-to-mid single digit NIP ◆ Green issuance has increased since last year
◆ ADB brings ‘impressive’ seven year ◆ NWB hits five year sweet spot ◆ Both deals tighten a large 3bp
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The Free State of Bavaria enjoyed a strong reception from investors as it returned to the capital markets on Monday for the first time since 2014 to fund a Covid-19 fiscal package by the Bavarian government. -
Asia’s sustainability-linked loan market has expanded further with a real estate investment trust raising funds linked to the global real estate sustainability benchmark (GRESB), a first for the region.
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Europe’s corporate bond new issue market burst back into life on Friday after a nine day coma with two emphatic, big, generously priced deals from impeccable issuers — exactly the pattern of issuance, although on a smaller scale, that the US market has produced on three days this week. Engie and Unilever raised €4.5bn between them, most of it from investors working at home amid coronavirus quarantines.
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Germany's Covestro and the UK's 3i have both signed new revolving credit facilities with terms that were agreed before the Covid-19 pandemic sent markets plunging, but lenders said that new deals will have far higher margins.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, March 16. The source for secondary trading levels is ICE Data Services.
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Since the invention of green bonds 13 years ago, market participants have circled round the problem of what is green. There are many answers, such as the Climate Bonds Initiative's standards, but none have any official authority. That is about to change. The EU's Green Bond Standard is likely to become law before the year is out, and it could alter the market in several ways.
