Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
◆ 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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With the environmental, social and governance revolution well under way, attention has turned to the securitization market after recent deals pushed the issue to the top of the agenda. There has been talk of retrofitting the ‘simple, transparent and standardised’ (STS) regulatory framework with a ‘green’ or ‘ESG’ category, but regulators should think twice before conflating both themes. -
Madrid hit the market with a 10 year sustainable bond on Tuesday, raising €1.25bn at its tightest ever spread to the Spanish sovereign, selling into its largest ever book.
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By opening up its debut social bond to retail investors, Munich highlighted an often overlooked strength of the socially responsible investment (SRI) market. Distributed correctly, these funding tools demonstrate the true impact of ethical investing.
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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, February 17. The source for secondary trading levels is ICE Data Services.
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Two public sector borrowers hit screens with new issues on Monday, with Belgium choosing a 20 year and Madrid opting for a 10 year sustainable bond.
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Italy is considering the sustainability-linked bond format pioneered by Italian electricity and gas company Enel, but Davide Iacovoni, head of Italy’s debt management office, thinks the structure may not suit the sovereign’s priorities of ensuring liquidity and maximising reach.
