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Bloc steals focus in euro market this week as World Bank's IDA brings SEC-exempt debut in dollars
◆ Issuer's first sterling deal since Feb 2024 ◆ Large order book, decent levels ◆ Enough peer comps to build curve
New label and attractive relative value of French agency paper allow large spread tightening
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Demand for the Republic of Finland’s latest bond was high on Wednesday as it printed through the ECB deposit rate to sell “the most expensive syndication of all time”, according to a banker on the deal. The five year note came 29.9bp richer than Austria’s previous record holding deal, another five year note sold in June. -
The Province of Quebec slipped into the sterling market on Wednesday to print a fresh £250m December 2024 bond.
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SSA issuers were out in the dollar market with $7bn of new bonds on Wednesday, though the biggest of the deals highlighted how price sensitive investors were in a world where some yield curves have inverted.
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Kommunalbanken brought its green bond framework to the Swedish krona market for the first time last week to place its seventh green note, its first since August 2018. The move into the currency follows a wider trend of major SSA issuers funding in niche currencies as raising debt in core markets becomes harder, according to bankers.
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Some SSA investors have been taken by surprise by how quick the dollar market has reopened this week, with the clutch of trades on screens on Wednesday being regarded as important benchmarks for the coming weeks.
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The dollar SSA market has started the short week on the front foot, with a trio of trades hitting screens on Tuesday.
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