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Issuers to make better use of September window, and October pipeline now looks ‘very thin’ as rates worries add to US mid-term concerns
◆ Swedish agency brought tightly priced five year bond ◆ Pick-up to US govvie hits new low ◆ Quality of demand 'exceptionally high' from the get-go
◆ 'New SSA on the block' returns after six months ◆ Two more green bonds added to euro curve ◆ Pricing flat to fair value, 'consistent' spread to Dutch govvie achieved
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In the first week of March 2020, the Covid-19 news was already hammering the markets and volatility, as measured by VIX, was almost at levels not seen since 2008. Although the VIX reached 28.57 last week, that figure was only around half the value it was this time last year. With the pandemic still going on Primary Market Monitor takes a look at what has changed in bond execution dynamics since then.
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The Asian Development Bank made a rare outing in China’s interbank market this week. The Rmb2bn ($307m) bond, priced significantly below the onshore benchmark, ended the multilateral development bank’s absence from the domestic Chinese market for over a decade.
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The prospect of investors exerting real pressure on companies to reduce greenhouse gas emissions, including divesting from big polluters, came a step closer on Wednesday with the release of the Net Zero Investment Framework, a map to guide investors on the journey to carbon neutrality.
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Gilt-Edged Market Makers (GEMMs) and investors expressed their support for the UK Debt Management Office to issue a new 30 year Gilt as the first syndication of its new 2021/22 financial year.
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The European Union completed another chunk from its Support to mitigate Unemployment Risks in an Emergency (SURE) funding programme on Tuesday, leaving the issuer with up to €13bn more to raise before the end of March.
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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 business on Monday, March 8. The source for secondary trading levels is ICE Data Services.
Sub-sections
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Sponsored by RBC Capital Markets
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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
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Sponsored by European Investment Bank
European Investment Bank: Supporting sustainable development in North Africa
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