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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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DB bumps up Lewellen, Buvat gets levfin — ING names new corp fin boss — Ico’s capital markets head departs — CBAM Partners hires Levilain to help euro loans launch — Citadel shrinks European credit team
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A trio of supranationals harnessed a lack of sterling supply to reopen the market this week. The World Bank brought the first fixed rate supranational deal since August, while the Asian Development Bank and European Investment Bank both reopened Sonia-linked notes. -
The UK Debt Management Office (DMO) raised £4bn after it reopened its 2054 Gilt this week with market participants signalling their preference for the maturity rather than even longer maturities, said chief executive Robert Stheeman.
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Swedish agency Kommuninvest doubled the size of its June 2023 green bond on Tuesday through a Skr3bn ($309.8m) tap. The tap was issued with a negative yield — rare for the Swedish krona market — and is the issuer’s first negative yielding green print since October 2016.
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The Asian Development Bank joined the syndicated sterling issuance run started by the European Investment Bank earlier this week, pricing a £300m tap of its March 2024 Sonia-linked note on Wednesday. The World Bank looks set to follow with a fixed rate tap on Thursday that bankers feel could give a good indication of the market’s appetite for the format amid volatility.
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The same capital controls that have brought some calm to Argentine bond markets could lead to the exclusion of certain government notes from some JP Morgan indices, said the US bank on Tuesday.
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