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  • SSAs brace for ‘challenging environment’ in euros

    Public sector borrowers will have to contend with much more difficult funding conditions in euros when they arrive en masse following the summer beak, according to SSA bankers.

    • 22 Aug 2019
  • KfW gets bumper Nokkie green light

    KfW brought its revamped green framework to the Norwegian krone market to print a deal on Tuesday. Later that week, strong demand from domestic and international investors let the issuer increase the note to a record breaking size, printing the largest Nokkie green bond across any asset class.

    • 22 Aug 2019
  • Georgieva looks shoo-in for IMF job amid no-show by rivals

    Europe’s candidate to take over as the next head of the International Monetary Fund received a boost this week after the body’s executive board called for the age limit to be raised and hopes receded of a rival candidate stepping forward.

    • 22 Aug 2019
  • This is the end for new issue premiums

    How can capital markets professionals talk about new issue premiums when it is becoming normal for issuers to price bonds at negative yields?

    • 22 Aug 2019
  • UK gets big bid for 2046 tender

    The UK was over two and half times covered for a tender of long end Gilt on Thursday.

    • 22 Aug 2019
  • SSA dollar names pile into topsy-turvy market

    The World Bank was one of a bevy of SSA dollar issuers raising a total of $8.4bn this week, with most of the trades indicating that investors coming back from the summer were having to decipher a completely different market to the one they left.

    • 21 Aug 2019
  • EBRD attracts new blood with Sofr debut

    The European Bank for Reconstruction and Development had a triumphant debut deal linked to Sofr this week, with the borrower drawing new investors that had never been in its books before.

    • 21 Aug 2019
  • ESM expected in dollars next week

    The European Stability Mechanism is expected to use its scheduled funding window next week to issue a dollar bond after it did not send out a request for proposals for a euro deal as it usually does, according to market participants.

    • 21 Aug 2019
  • Auckland issuer packs bag for European tour

    Auckland Council appointed banks on Monday to arrange a roadshow for a euro benchmark with an intermediate to long maturity, in what will be its first bond in the currency since 2017

    • 21 Aug 2019
  • Germany 30 year undersubcribed as investors push back on zero coupon

    Investors showed resistance to Germany's first ever 30 year bond sale without a coupon on Wednesday, as the total bids fell below the size of the trade. However, some analysts said the trade offered good value, with yields set to fall further as the European Central Bank prepares to inject fresh stimulus into the eurozone.

    • 21 Aug 2019
  • World Bank eyes first dollar benchmark of fiscal year

    The World Bank has mandated for its first dollar benchmark of its fiscal year, as the issuer starts hacking away at its up to $60bn funding programme for the year.

    • 20 Aug 2019
  • EBRD joins growing coupon trend with Sofr debut

    The European Bank for Reconstruction and Development has hit screens with its debut trade linked to the secure overnight financing rate (Sofr), with the issuer the third in quick succession to mirror the coupon technique found in the Sonia bond market.

    • 20 Aug 2019
  • Dollar SSA market lit up with kaleidoscope of trades

    The dollar SSA market was ablaze on Tuesday, with five deals on screen offering small new issue premiums and gaining chunky demand across the maturity curve.

    • 20 Aug 2019
  • The temptation of ultra-long sovereign bonds

    The US Treasury is considering issuing 50 or 100 year bonds. It's not the only sovereign looking into whether the time is right to take advantage of investors' desperation for yield by locking in low rates with ultra-long dated funding. Indeed, this could be the dawning of the golden age of the ultra-long government bond.

    • 20 Aug 2019
  • US renews interest in ultra-long bonds

    The US Treasury is once again exploring whether to issue 50 or 100 year bonds, after initially expressing interest in ultra-long dated bonds back in 2017.

    • 20 Aug 2019
  • KommuneKredit underwhelms as it tests ‘uncharted territories’

    KommuneKredit failed to set the market alight with the first euro syndicated public sector bond since mid-July, excluding deals from German Laender. The Danish agency only managed to sell €500m for the 11 year benchmark and was unable to tighten the spread during pricing.

    • 20 Aug 2019
  • IADB and IFC tap busy Kauri market

    Following last Friday’s Asian Development Bank Kiwi dollar deal, the Inter-American Development Bank and International Finance Corporation both came to the Kauri market on Tuesday to tap a pair of mid-curve notes. With demand for mid-curve Kauri products high, bankers expect more issuers to follow as funding remains attractive for dollar-based borrowers.

    • 20 Aug 2019
  • UK to hold tender for 2046 Gilt, GEMMs and investors urge November syndication

    The UK Debt Management Office said on Tuesday that it planned to hold a tender offer for up to £500m of its 4.25% 2046 Gilt. Meanwhile, Gilt-edged market makers (GEMMs) and investors have expressed their preferred timing, structure and maturity choice for the sovereign’s next syndication.

    • 20 Aug 2019
  • KommuneKredit readies first euro trade of 2019, following triple-A return

    Danish agency KommuneKredit mandated banks on Monday for its first euro-denominated bond of the year and the first euro syndicated public sector bond since mid-July, excluding German regions.

    • 19 Aug 2019
  • SSA duo kick away dollar cobwebs

    Land NRW and Nederlandse Waterschapsbank mandated for dollars on Monday, kickstarting the market again after a fortnight of blank screens in the currency.

    • 19 Aug 2019
  • Supranationals pile into Kauri market

    The Asian Development Bank returned to the Kiwi dollar market to print its largest Kauri deal since January 2018 this week. With the Inter-American Development Bank and International Finance Corporation set to follow with a pair of taps in the coming days, bankers are expecting a busy few weeks in the market as investors react to the recent surprise interest rate cut from the Reserve Bank of New Zealand.

    • 19 Aug 2019
  • UK explores conventional Gilt tender

    The UK Debt Management Office is seeking views from its primary dealer group and other interested parties for a tender offer for a conventional Gilt.

    • 19 Aug 2019
  • Funding scorecard: European supranationals and agencies

    This week's funding scorecard looks at the progress that Europe's supranationals and agencies have made in their funding programmes by the mid-point of August.

    • 16 Aug 2019
  • People moves in brief

    Bank of America Merrill Lynch hires fintech chief — Perella Weinberg builds European restructuring team — UniCredit finds SSA trading boss.

    • 15 Aug 2019
  • MarketAxess’s new buy targets SSA trading

    LiquidityEdge, which operates an electronic marketplace for US Treasuries, could now look at offering a similar service in the European government bond market after its purchase by MarketAxess. The latter’s president, Chris Concannon, sees the pressure European banks face to cut costs as a boon for trading automation in the region.

    • 15 Aug 2019
  • Salvini snaps to send Italian capital markets into a spin

    An impressive rally in Italian risk assets has been completely overturned this week, as Italy descended into political chaos. Some market participants now fear a repeat of last year, when Italian issuers were frozen out of debt and equity markets as the country’s government fought with the European Commission over its annual budget targets. Tyler Davies and Sam Kerr report.

    • 15 Aug 2019
  • SSA bankers shrug off rates mayhem

    The two to 10 year section of the Gilt market inverted on Wednesday and 30 year US debt yields fell below 2%, strengthening portents that the UK is headed for a recession, though SSA bankers showed no concern about the moves.

    • 15 Aug 2019
  • Sweden issues 10 year at negative yield

    Sweden broke new ground on Wednesday by selling a new 10 year bond with a negative yield for the first time. Investors are pouring into haven assets amid mounting concerns over both the domestic and global economies.

    • 15 Aug 2019
  • SSA market shrugs off Gilt curve inversion

    The two to 10 year section of the gilt market inverted on Wednesday, strengthening portents that the UK is headed for a recession, though SSA bankers showed no concern about the moves.

    • 14 Aug 2019
  • IFFIm risks post-Brexit downgrade

    With the UK under risk of a credit rating downgrade in the event of a no-deal Brexit, there is some concern that this could have a negative effect on the International Finance Facility for Immunisation (IFFIm), to which the country is the largest donor.

    • 14 Aug 2019
  • Bloomberg bolsters reg reporting product with RegTek buy

    Bloomberg has acquired regulatory consultancy and technology company RegTek Solutions as it pushes to strengthen its regulatory reporting product.

    • 14 Aug 2019
  • Investors duck out of BTP market as election threatens

    Disruption in Italian politics has punished the BTP market this week as the country heads towards a possible autumn general election.

    • 14 Aug 2019
  • Bremen extends maturity curve to offer positive yield

    The Free Hanseatic City of Bremen priced a €750m 2049 trade on Tuesday, stretching out its curve by 10 years to become the second German SSA bond issuer in as many weeks to borrow for longer in able to offer a positive yield to investors.

    • 13 Aug 2019
  • UniCredit appoints new SSA trading head

    UniCredit has hired a new head of trading for sovereigns, supranationals and agencies to its European government bond trading desk in Milan.

    • 13 Aug 2019
  • Irish govvies cushioned for no-deal Brexit, say analysts

    Irish government bonds are unlikely to come under severe pressure in the event of a no-deal Brexit according to analysts, which would result in the UK leaving the European Union without a withdrawal agreement and the creation of a hard border in Ireland.

    • 13 Aug 2019
  • Scandi taps flow after summer break

    Volumes are growing across the spectrum in the Scandinavian MTN markets, as issuers and bankers return from their summer holidays. Meanwhile, bankers are expecting Scandinavian investors to move further out along the credit curve in response to negative yields as dovish Nordic central bank tones could lead to a bullish Scandinavian market.

    • 13 Aug 2019
  • Italian election threat drives BTP/Bund spread wider

    Rising expectations of a snap Italian election before the end of the year are threatening to send the spread between 10 year Bunds and BTPs wider by as much as 250bp, according to analysts.

    • 12 Aug 2019
  • Funding scorecard: Nordic agencies

    This week's scorecard looks at the progress Nordic agencies have made in their 2019 funding programmes.

    • 12 Aug 2019
  • SNCF brings century bond

    SNCF Réseau steamed ahead with a new century bond issue this week, its second and largest deal to date, amid declining rates that has seen more and more investors take a risk at the ultra-long end in return for yield pick-up.

    • 08 Aug 2019
  • KfW debuts green framework in Hong Kong dollars

    German agency KfW is “open to further business in [both] Singapore and Hong Kong dollars” as it looks to expand its recently updated green framework. Last week, the agency made its green bond debut in Hong Kong dollars, placing a two year private placement on August 2.

    • 08 Aug 2019
  • Laender expected to follow Schleswig-Holstein into long end

    More German laender are lining up to print long duration euro debt on the back of Schleswig-Holstein’s 20 year outing this week, despite yields falling close to negative even at the longest reaches of their curves.

    • 08 Aug 2019
  • Schleswig-Holstein pushes euro curve way out

    Schleswig-Holstein stretched its euro curve out by a decade on Wednesday, as market participants warn that the world of positive yielding German sub-sovereign debt is shrinking.

    • 07 Aug 2019
  • MuniFin eyes insurers following Solvency II amendment

    Finland’s Municipality Finance is hoping to receive increased demand for its bonds from insurance companies, following a recent amendment to the Solvency II regulation.

    • 07 Aug 2019
  • Record breaking rates have room to grind lower

    Some SSA investors are expecting new records to be broken in European government bond yields, though analysts warned that some sovereigns will still need to actively woo investors if they want to keep their debt prices rising.

    • 07 Aug 2019
  • Asian fixed income behemoths team up for green bonds

    The Asian Development Bank (ADB) and Japan’s Government Pension Investment Fund (GPIF) have launched an initiative to promote green bonds, with the largest pension fund in the world requiring all of its asset managers to consider sustainability aspects in decision making.

    • 06 Aug 2019
  • Schleswig-Holstein braves rate noise

    The Federal State of Schleswig-Holstein has mandated for a 20 year euro trade, as eurozone rates continue to squeeze tighter.

    • 06 Aug 2019
  • Central banks should publish compounded post-Libor rates

    One of the biggest, if not the biggest problems facing borrowers in the move away from Libor is a mathematical one. Everyone agrees coupons based on the new risk-free rates should be compounded. But no one can agree on how to do the compounding. Central banks could solve this at a stroke.

    • 06 Aug 2019
  • Gilt yields plunge despite portents

    UK sovereign debt yields fell to their lowest level on record on Monday, despite warnings that the new government’s latest spending promises and the threat of a no deal Brexit will heap pressure on the UK’s credit metrics.

    • 05 Aug 2019
  • FMS-W appoints new treasury head

    FMS Wertmanagement has made an internal appointment for the new head of its treasury, following the departure of Tim Armbruster in July.

    • 05 Aug 2019
  • Portugal could be in line for ratings boost, say analysts

    Analysts at Danske Bank have said that Moody's could raise Portugal's credit rating this week even, amid signs of a weakening European economy. Such a move would have a knock-on impact for the country's banking industry, which has shown clear progress in improving its asset quality.

    • 05 Aug 2019
  • Spain funding chief appointed ESDM chair

    Spain’s head funding of funding and debt management has been appointed as the new chairman of the EU's Economic and Financial Committee’s Sub-Committee on European Union Sovereign Debt Markets (ESDM).

    • 05 Aug 2019
  • World Bank eyes 'further advancement' of innovative blockchain bond

    The World Bank is preparing to reopen its 'blockchain offered new debt instrument', or bond-i for short, as it looks to market the Australian dollar deal to a more international audience.

    • 02 Aug 2019
  • Funding scorecard: European sovereigns

    This week's funding scorecard looks at the progress European sovereigns have made in their funding programmes at the start of August.

    • 02 Aug 2019
  • World Bank already eyeing market return

    The World Bank has kicked off its up to $60bn funding programme for the year, and the issuer is expecting to be in the market again soon.

    • 01 Aug 2019
  • World Bank trade puts Sofr standardisation within grasp

    The World Bank has printed the longest ever bond with a coupon linked to the Secured Overnight Financing Rate (Sofr), edging the market towards settling the debate about how to calculate coupons based on the benchmark rate.

    • 01 Aug 2019
  • EIB takes sterling to new SRI heights

    The European Investment Bank set two records in the sterling bond market this week. The supranational issued the largest ever single tranche socially responsible bond in sterling across any sector, which took supranational and agency supply in the currency to an all-time annual high — even though it’s only August.

    • 01 Aug 2019
  • NDB set to make a capital markets splash, Bric by Bric

    New Development Bank, the supranational set up in 2015 by the Brics nations, is building a diverse funding programme, which includes local currency, dollar and green bonds. Leslie Maasdorp, chief financial officer of the NDB, spoke to GlobalCapital this week about the bank’s plans to become a regular and diversified borrower in the capital markets.

    • 01 Aug 2019
  • NordLB banker to join Ålandsbanken treasury

    A rates and structured sales banker at NordLB has resigned and will taking a job in the treasury department of Ålandsbanken, a bank headquartered in the Åland Islands, an autonomous region in Finland.

    • 01 Aug 2019