The European Bank for Reconstruction and Development will be introducing a new coupon calculation methodology for Sonia-linked floating rate notes with its deal on Wednesday.
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.
Belgium was able to print a large 20 year benchmark bond on Tuesday, pulling in a book of €27bn.
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.
By opening up its debut social bond to retail investors, Munich highlighted an often overlooked strength of the socially responsible investment (SRI) market.
JP Morgan has promoted a whole new layer of leadership in its investment bank, reaching down to debt capital markets, equity capital markets and M&A.
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.
The UK Municipal Bonds Agency has chosen a syndicate of three banks to arrange a series of investors meetings starting on Tuesday for its first bond, a five year Sonia-linked floater for Lancashire County Council.
Royal Bank of Scotland — or NatWest Group, as it plans to rebrand itself later this year — is set to cut back risk-weighted assets in the investment bank, particularly in rates.
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The euro market, unlike the quiet dollar market, is going from strength to strength for SSA borrowers. However, the tight spreads are starting to make their presence felt, with investors starting to push back.
The European Bank for Reconstruction and Development this week became the first borrower to deviate from the standardised coupon calculation method for Sonia-linked floating rates. While investors backed the new structure, with the deal receiving a huge order book from a large number of accounts, there are some market participants who believe the disruption was unnecessary, writes Burhan Khadbai.
Two SSA borrowers hit screens on Wednesday with green euro benchmarks, following a successful outing by Madrid, which saw the bond’s sustainability feature driving the spread to the tightest achieved at reoffer by a Spanish region.
A pair of Australian sub-sovereigns have made their debuts in the euro market in recent days. An attractive basis swap helped to encourage issuers to sell into unusually strong demand for long dated euro paper.
Frontier market bond issuance dropped in 2019, with sovereign issuance at its lowest figure since 2011, amid signs that private-sector creditors are pulling back from riskier countries.
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