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◆ Issuer's second largest book ever ◆ Last benchmark of year ◆ Average NIP has shrunk this year
◆ Young issuer adds new currency ◆ €9bn book for €500m print, no NIP needed ◆ Results 'simply beyond what was expected'
◆ Priced over Austrian govvies ◆ Scarcity and business model help demand ◆ Saskatchewan targets 10 year
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Social bonds have become an established part of the funding market for supranational, sovereign and agency borrowers, with a steady output of about €140bn a year from all kinds of issuer, since the exceptional surge during the pandemic. -
◆ Big order book comes after lull in 10 year issuance ◆ Investors chase scarcity and yield ◆ De-dollarisation could 'still be true'
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A strong year so far for the public sector as issuance jumps 11.5% year-on-year while new issue premiums compress
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◆ Dealer inventories hinted at demand ◆ IFC takes different approach from IBRD ◆ Deeper dollar swap spreads make issuers eye sterling
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◆ One of tightest euro deals priced this year ◆ Head-to-head with EU again, no problem ◆ 'Virtually 0bp' premium paid
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◆ Investors flock to first EU deal in second half ◆ €147bn book, 'another smooth ride' ◆ 1bp-1.5bp premium paid
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Sponsored by CAF – Development Bank of Latin America and the Caribbean
CAF gearing up to transform regional development
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Sponsored by European Investment Bank
European Investment Bank: Supporting sustainable development in North Africa
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