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◆ Three and seven year deal gets big books ◆ 'Sensible' levels to start the deal ◆ Investors slower to react in volatile market
◆ 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
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The party looks to be over in emerging market bonds leaving borrowers with one heck of a funding hangover. Years of low rates have prompted a debt splurge from borrowers able to fund at ever lower coupons. But just as dollar rates are on the increase, those credits are racing towards a $2tr maturity wall and the problem of how to refinance it in a market that has presented clear symptoms of risk fatigue this year shows no sign of abating. Lewis McLellan and Francesca Young report. -
Italy carried out a syndicated buyback alongside a reopening of its October 2021 issue on Thursday, despite a steep sell-off in the sovereign’s curve throughout the day.
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The first green bond from a Slovenian borrower came to market this week. SID Bank will use the proceeds for green mortgages and financing low carbon aircraft.
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The European Union will look to return to the private placement market for the first time since July 2017 to kick-off its funding programme next year.
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Mizuho International, the London securities and investment banking arm of the Japanese banking group, has cut jobs in its capital markets business over the past week, and among those leaving is a senior DCM banker.
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The Republic of Indonesia seized an opportunistic window after the G20 summit to raise $3bn in its annual dollar funding exercise. While the issuer’s timing was impeccable, it was still forced to pay a double-digit premium to attract cautious investors. Morgan Davis reports.
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European Investment Bank: Supporting sustainable development in North Africa
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