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New EU deal and year's final sovereign syndications move into focus amid continued yield sell-offs
New label and attractive relative value of French agency paper allow large spread tightening
Issuer now 80% funded for the year, keeps eyes open for opportunities across currencies
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The Federal State of Lower Saxony sold the first euro public sector benchmark of 2020 with a well received 10 year deal on Thursday. Meanwhile, the European Investment Bank is keeping to tradition of beginning its benchmark funding for the year in sterling. -
The Asian Infrastructure Investment Bank has appointed Andrew Cross as chief financial officer, to replace Thierry de Longuemar, who will retire at the end of the year.
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Andrew Bailey is seen as a ‘safe pair of hands’ as the new governor of the Bank of England. But while he is a veteran of the bank, his views on monetary policy are not well known, as he has never served on the Monetary Policy Committee. In that respect, though a career central banker, he resembles Christine Lagarde, who has taken the helm at the European Central Bank.
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Frank Czichowski, KfW’s treasurer for more than 15 years, will be retiring in 2020. KfW has announced that it will hire the former treasurer of another German agency as his replacement.
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Ipreo, whose system is used by banks, especially in Europe, for syndicating new bond issues, has reached out to two potential rivals about possibilities to collaborate. This suggests IHS Markit, which owns Ipreo, believes the alternative platforms could make headway.
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Euro bond issuance has soared this year, almost matching 2006's record, as financial institution, public sector and corporate issuers have taken advantage of nearly unbeatable pricing terms in the market. Bonds bankers predict that euros will shine again in 2020, though there are emerging signs that the growth in issuance may have reached its limit. Tyler Davies and Lewis McLellan report.
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