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Deal liberates capital and tempts investors to take new frontier market risk
◆ First dollar benchmark from World Bank since October 2025 ◆ 'Remarkable' size and spread achieved ◆ IDA jumps through hoops to issue SEC exempt deal
◆ CEB lands tight to Treasuries ◆ 4% coupon lures some buyers ◆ Cades orders above $13bn
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France’s Action Logement Services (ALS) is preparing to issue its second ever bond, after making its debut in the capital markets in October 2019. -
The European Commission launched on Tuesday a second big wave of regulation that will soon be controlling more aspects of sustainable finance more tightly. There is a tendency to think anything with the word “sustainable” attached to it is good. But capital markets specialists must ask themselves: will the regulations be helpful?
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Aside from the covered bond market, issuance volumes fell away in most corners of the primary market last week as the markets slow for summer. Although most deals were well subscribed, the average oversubscription ratios in each market struggled to maintain previous levels — a reflection of the tight spreads on offer in FIG and corporate bond markets.
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KfW is coming to the market with a three year dollar benchmark offering, breaking the recent lull in dollar-denominated SSAs, which have endured a few weeks of slack supply with only a handful of deals hitting the market in June.
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France impressed SSA bankers as it paid a tiny new issue premium for a new 30 year OAT via syndication on Tuesday.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of busiess on Monday, July 5. The source for secondary trading levels is ICE Data Services.
Sub-sections
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Sponsored by Islamic Development Bank (IsDB)
Sukuk market’s next chapter: Financing the future, sustainably
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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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