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◆ Another French agency brings early autumn deal ◆ International investors show support ◆ Priced to ensure performance
◆ 'More spread resistance' observed for KfW ◆ Spreadier CAF brings 'solid' trade ◆ Kommuninvest navigates swap spread moves
◆ UK sovereign reopens 30 year Gilt, adds £4.25bn ◆ With higher yields comes higher demand ◆ ‘Quality of offshore demand’ not to be underestimated
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Social bonds are proving to be a key part of SSAs fight against the coronavirus, with $10.6bn equivalent printed since the start of the pandemic. Having already tapped core currency markets last month, this week a pair of supranationals turned towards niche currencies to fund their response to the pandemic. With demand for the social format high, both bankers and funding officials are hopeful the new investor interest will stick around after the pandemic passes. -
Agence Française de Développement raised €1.5bn on Wednesday with a 10 year Reg S benchmark. While the deal was fully subscribed, pricing was not tightened from guidance, indicating that the frothy moves of the last three weeks may be slowing.
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The UK Debt Management Office (DMO) and local councils should sell social bonds to help tackle the Covid-19 crisis, said a director for responsible investment at a large asset manager.
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Banks sponsoring asset-backed commercial paper conduits activated the liquidity lines backing up these vehicles in the days before Federal Reserve intervention started to stabilise commercial paper markets, as rates spiked and investors focused on only the shortest maturities.
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The Republic of Indonesia raised $4.3bn from a triple-tranche bond this week, making quick progress in its effort to fund a fiscal stimulus package that it hopes will soften the damage of the Covid-19 pandemic. Morgan Davis reports.
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Finance ministers have agreed on the use of the European Stability Mechanism, the European Investment Bank and a new unemployment fund as a fiscal response to the coronavirus crisis, but they remain split on language about a possible common recovery fund. They are set to reconvene — virtually — on Thursday afternoon.
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