While it is no surprise that a public sector borrower has brought the first floating rate note linked to the euro short term rate (€STR), it was a surprise that a small German agency would bring the inaugural transaction, especially as it is some weeks before the European Central Bank (ECB) is due to begin publishing the recommended new risk-free rate.
Dollar SSA issuers faced huge volatility this week as the US Federal Reserve cut interest rates and unexpectedly pumped billions into the repo market, with two more issuers lining up to test investors’ mettle.
Investors stormed into the euro public sector bond market this week fired up from the announcement of a new comprehensive stimulus package by the European Central Bank last week.
The European Bank for Reconstruction and Development (EBRD) has mandated banks for its first ever climate resilience bond, a new type of socially responsible product that aims to bring more focus on climate adaptation, rather than mitigation.
Nederlandse Waterschapsbank has selected banks for a €500m 15 year no-grow water bond, in what will be its longest ever maturity for a green bond.
The City of Gothenburg plans to up its green bond issuance to two a year as part of Nordic public issuers’ wider push in the format.
The Netherlands Development Finance Company (FMO) sold the first offshore Bolivian boliviano bond last Friday.
The African Development Bank has issued its first offshore renminbi bond, in what the supranational has described as a ‘strategic objective’ in response to a growing investor base for the currency.
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The US Federal Reserve is expected to cut its interest rates by 25bp on Wednesday, but investors are keeping a close watch on what the central bank says when it makes its policy announcement. Many are likely to be disappointed unless it hints at bigger cuts in the coming year.
The European Bank for Reconstruction and Development was able to find good demand to increase the size of its outstanding August 2022 Sofr-linked floating rate note on Thursday, despite huge volatility in the US repo market.
The City of Gothenburg plans to up its green bond issuance to two a year as part of Nordic public issuers’ wider push in the format. The Swedish municipality made its first visit to the green bond market this year on Tuesday, using its new green bond framework.
The Netherlands Development Finance Company (FMO) sold the first offshore Bolivian boliviano bond last Friday. The currency-linked bond was structured by the Currency Exchange Fund (TCX), of which FMO is a part owner, and is part of a wider push to develop frontier capital markets.
Former Deutsche Bank DCM head Miles Millard has joined ING as head of global capital markets Leo-Hendrik Greve left the job in September last year, and has now landed at boutique Bowline Capital Partners.
