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◆ Issuer brings second annual benchmark ◆ Pricing tightened 1bp ◆ Investors hold 'more power' in current market
◆ KfW sells another green deal in active year for the label ◆ Less than 2bp NIP paid this time ◆ FMO prices in line with MuniFin, Tennet NL
◆ Deal followed Sofr debut in February ◆ Further interest already seen, taps possible ◆ Pricing came slightly inside fixed rate dollars
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Hungary’s latest Panda looks, at least on paper, like a club deal rather than a genuine syndicated bond, with bankers disagreeing on how the deal might have played out in the market. -
SSA euro issuance outstripped dollars this year, thanks to strong conditions in the first half and the vagaries of the basis swap. But the end of eurozone quantitative easing and political strife made it a trickier place later in 2018 — and those elements are unlikely to disappear in 2019.
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Public sector agencies from the Nordic region are adapting to S&P Global Ratings’ overhaul of its rating methodology. So far, only KommuneKredit has been downgraded under the new rating criteria, but others could suffer similar fates.
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Public sector borrowers are confident going into the euro bond market next year, with reinvestments from maturing bonds held by the European Central Bank likely to cap any spread widening from the end of quantitative easing. But political threats — from populists polling well ahead of European Parliament elections in May, Brexit probably in March and the Italian government’s stand-off with the European Commission over its budget plans — are likely to bring volatility, meaning timing will perhaps be more important than in 2018. GlobalCapital brought together European SSAs, investors and investment bankers to discuss what 2019 holds for the euro market — as well as the SRI sector and new technology.
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The Netherlands will look to issue around €4bn-€6bn with a maturity of at least 15 years in its debut green bond, which will be sold through a Dutch Direct Auction in the second quarter of 2019.
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Ireland and Denmark have outlined their funding needs for next year, with both sovereigns looking to raise similar amounts to 2018.
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