SSA Article Archive


  • L-Bank leads race for first €STR-linked FRN

    L-Bank is preparing to issue a floating rate note linked to €STR, the recommended new risk-free rate in euros which the European Central Bank will begin publishing on October 2.

    • 17 Sep 2019
  • KfW and Bpifrance smash open euro SSA market

    Fresh from the announcement of a new stimulus package by the European Central Bank last week, investors stormed into the euro public sector bond market on Tuesday, led by KfW and Bpifrance. The latter printed €1.25bn, equaling its biggest ever single issue. The strong momentum is set to continue with a string of mandates, including two supranationals for Wednesday.

    • 17 Sep 2019
  • Gothenburg debuts new green bond framework

    The City of Gothenburg sold a new dual tranche green bond on Tuesday, raising a combined Skr1.8bn across fixed and floating rate tranches. The note was the first printed under its new updated green bond framework.

    • 17 Sep 2019
  • FMO debuts in bolivianos to extend exotic run

    The Netherlands Development Finance Company debuted the first offshore Bolivian boliviano bond last Friday. Meanwhile on Monday, French agency Caisse des Dépôts et Consignations again returned to the ultra-long end to place a pair of callable euro notes.

    • 17 Sep 2019
  • SSA pair slip in ahead of Fed

    A brace of dollar deals came to the market on Tuesday, with Rentenbank and Council of Europe squeezing into the market for $1bn apiece amid high expectations of an impending rate cut as the US Federal Reserve meets.

    • 17 Sep 2019
  • Attenborough factor pushes oceans on to SRI agenda

    The public is increasingly conscious of environmental challenges facing the ocean economy, and the capital markets are taking note. Industries using the oceans are numerous and fragmented, making allocating money in a sustainable way challenging. But some routes are open for investors looking to improve activities involving plastics, shipping and fishing. Jasper Cox reports.

    • 17 Sep 2019
  • Funding scorecard: Nordic agencies

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

    • 16 Sep 2019
  • KfW and Bpifrance to reopen euro SSA market

    KfW and Bpifrance were the first public sector borrowers out of the blocks in euros following last Thursday’s European Central Bank meeting in which it unleashed its new comprehensive stimulus package.

    • 16 Sep 2019
  • EAA and NRW.Bank win S&P bump

    Erste Abwicklungsanstalt and NRW.Bank both had a boost on Monday after S&P upgraded their credit ratings a notch, following an upgrade to the State of North Rhine-Westphalia.

    • 16 Sep 2019
  • AfDB goes short with Hong Kong dollar ESG note

    Bankers were surprised that the African Development Bank placed a one year bond last week linked to environmental, social and governance (ESG) factors.

    • 16 Sep 2019
  • Ireland hits second century

    Ireland has extended its curve out to 2119 by placing its second century bond, three years after it sold its first in the tenor. Century and ultra-long dated bonds have seen a resurgence of interest this year as issuers look to lock in low interest rates at long dated maturities.

    • 16 Sep 2019
  • AfDB sells debut offshore renminbi bond

    The African Development Bank has issued its first offshore renminbi bond, in what the supranational has described as a 'strategic objective' in response to a growing investor base for the currency.

    • 13 Sep 2019
  • EIB brings SAB in kronor with wider assets

    The European Investment Bank brought to market on Monday the Swedish krona bond with which it had hoped to relaunch its Sustainability Awareness Bond programme, after expanding the assets eligible for inclusion.

    • 12 Sep 2019
  • Thanks Draghi, now politicians must step up

    It's not clear how long the ECB’s new asset purchase programme will last, or what the new tiered deposit system will look like. However, what certainly is clear, is Mario Draghi’s legacy.

    • 12 Sep 2019
  • Trio of SSAs bask in three year dollars

    There were no problems with competing supply as a trio of public sector borrowers enjoyed strong demand for dollar bonds this week, despite all three having the same maturity.

    • 12 Sep 2019
  • KfW and ADB reopen 10 year dollars

    KfW and the Asian Development Bank won huge praise from SSA bankers with rare 10 year dollar trades this week. The former issued the largest ever dollar green from a public sector borrower.

    • 12 Sep 2019
  • Can the ‘Volfefe Index’ make markets great again?

    How much emphasis do you put on a tweet? According to JP Morgan and its recent ‘Volfefe Index’, 280 characters is all US president Donald Trump needs to shock the markets. The aim is to create an index “to measure the impact of the president’s tweets on rates volatility”. However, with algorithmic trading and tweet aggregation commonplace, many market participants are unconvinced that the index brings anything new to the table.

    • 12 Sep 2019
  • SSAs satisfy niche currency demand

    SSA issuers turned towards niche currencies this week to meet a range of demand across the Australian and Canadian dollar curves. KfW and the Asian Development Bank started the week printing in Australian dollars, before the World Bank joined them in the currency while also returning to the Maple market.

    • 12 Sep 2019
  • Euro govvies sink to record lows as ECB fires up fresh stimulus

    The yields on core and peripheral eurozone government bonds sank to record low levels following the announcement of a broad stimulus package on Thursday, comprising the restart of net asset purchases, a 10bp rate cut and a tiered deposit rate system for banks.

    • 12 Sep 2019
  • People Moves in Brief: September 13, 2019

    DB bumps up Lewellen, Buvat gets levfin — ING names new corp fin boss — Ico’s capital markets head departs — CBAM Partners hires Levilain to help euro loans launch — Citadel shrinks European credit team

    • 12 Sep 2019
  • Supranational sterling flurry starts September

    A trio of supranationals harnessed a lack of sterling supply to reopen the market this week. The World Bank brought the first fixed rate supranational deal since August, while the Asian Development Bank and European Investment Bank both reopened Sonia-linked notes.

    • 12 Sep 2019
  • UK reopens 2054 after investor demand shifts to 35 years

    The UK Debt Management Office (DMO) raised £4bn after it reopened its 2054 Gilt this week with market participants signalling their preference for the maturity rather than even longer maturities, said chief executive Robert Stheeman.

    • 12 Sep 2019
  • Kommuninvest prints Swedish green note with rare negative yield

    Swedish agency Kommuninvest doubled the size of its June 2023 green bond on Tuesday through a Skr3bn ($309.8m) tap. The tap was issued with a negative yield — rare for the Swedish krona market — and is the issuer’s first negative yielding green print since October 2016.

    • 12 Sep 2019
  • ADB and World Bank join syndicated sterling flurry

    The Asian Development Bank joined the syndicated sterling issuance run started by the European Investment Bank earlier this week, pricing a £300m tap of its March 2024 Sonia-linked note on Wednesday. The World Bank looks set to follow with a fixed rate tap on Thursday that bankers feel could give a good indication of the market’s appetite for the format amid volatility.

    • 11 Sep 2019
  • Deutsche promotes Lewellen to run IG DCM, Buvat to run levfin

    Deutsche Bank has announced a round of senior appointments in its primary debt businesses, naming Hoby Buvat head of EMEA leveraged finance origination and Mark Lewellen head of EMEA debt capital markets origination.

    • 11 Sep 2019
  • Green adds lustre to new 10 year ADB Kangaroo

    The Asian Development Bank hopped on to screens on Tuesday to print a new 10.5 year green Kangaroo bond. Demand for longer dated Kangaroo bonds has been muted recently, leading to smaller transaction sizes. So introducing a green label helped the ADB feel “comfortable” with achieving its minimum issuance size, said Anthony Ruschpler, treasury specialist at the ADB in Manila.

    • 11 Sep 2019
  • No ‘significant move’ in euro govvie yields if ECB holds back on new QE

    There will not be a huge repricing of eurozone government bonds in the event that the European Central Bank does not announce a new round of quantitative easing, according to a senior asset strategist.

    • 11 Sep 2019
  • Bazooka or water pistol, Draghi is guaranteed to disappoint

    There is typically a degree of consensus among market participants as to what a central bank will say at its upcoming monetary policy meeting. But, days before the European Central Bank’s Governing Council gathering on Thursday — the most important of the year and perhaps ever — there are wide ranging views as to what its president Mario Draghi will announce at his swansong meeting. Someone will get burned.

    • 10 Sep 2019
  • DMO and EIB taps reopen quiet sterling market

    The UK Debt Management (DMO) and European Investment Bank reopened a quiet sterling market on Tuesday with a pair of syndicated taps, which bankers feel will leave issuers and investors "confident" to follow.

    • 10 Sep 2019
  • AIIB partners with Amundi to launch climate bond portfolio

    The Asian Infrastructure Investment Bank and Amundi announced a collaboration on Tuesday to invest in green and climate bonds in Asia. The fixed income portfolio will have an initial size of $500m, with a further $500m to come from institutional investors.

    • 10 Sep 2019
  • KfW extends green bond curve with an ‘outstanding success’

    KfW won huge praise from on-looking bankers for a curve extending and rare 10 year dollar green bond on Tuesday. The Inter-American Development Bank (IADB) and Österreichische Kontrollbank (OeKB) also enjoyed success in the dollar primary market with three year trades, with the former selling its debut Sofr-linked floating rate note.

    • 10 Sep 2019
  • KfW to stretch dollar green curve, IADB out with debut Sofr FRN

    KfW mandated banks for its longest ever dollar green bond on Monday, while the Inter-American Development Bank is taking indications of interest for its inaugural Sofr-linked floating rate note.

    • 09 Sep 2019
  • ADB leaps on Japan Kanga bid with new green deal

    The Asian Development Bank (ADB) hit screens on Monday morning with initial price thoughts for a new 10 year green Kangaroo bond. The trade follows a busy week for SSA Kangaroo issuance at the long end of the curve, driven by Japanese demand according to one banker.

    • 09 Sep 2019
  • Ico’s capital markets head departs

    The head of capital markets at Spain’s Instituto de Crédito Oficial has left to join the region of Madrid as chief financial officer.

    • 09 Sep 2019
  • Funding scorecard: European sovereigns

    This week's funding scorecard looks at the progress European sovereigns have made in their funding programmes as we enter September.

    • 06 Sep 2019
  • FMO debuts in Uzbek som, SSAs go ultra-long in euros

    The Netherlands Development Finance Company (FMO), made its Uzbekistani som debut this week to take advantage of funds flowing into EM currencies thanks to low rates in dollars. Elsewhere, euro investors are looking at the ultra-long end of the SSA market.

    • 06 Sep 2019
  • Lagarde hints at further unconventional ECB policy

    Christine Lagarde has given a strong hint she will persist with the European Central Bank’s highly accommodative monetary policy if she takes over as its president in November. Lagarde also suggested the ECB would move to make its portfolio more green.

    • 05 Sep 2019
  • SSAs freeze for 'biggest' ECB meet as higher concessions await

    The SSA primary bond market is eerily quiet. What is usually one of the busiest times of the year for raising bonds in euros is proving to be the opposite as issuers sit it out in anticipation of next week’s highly anticipated monetary policy announcement by the European Central Bank (ECB). Burhan Khadbai reports.

    • 05 Sep 2019
  • IFC prints Canadian dollar green giant

    The International Finance Corp (IFC) hit screens this week with its first Canadian dollar green bond. The C$750m ($567m) print was the issuer’s largest ever in the currency, as well as the tightest an international SSA issuer has printed against the Canadian Mortgage Bond (CMB) curve, a large and liquid Canadian dollar benchmark.

    • 05 Sep 2019
  • People moves in brief: September 5, 2019

    Moelis hires JPM Dutch chief, JPM finds replacement — Nachmann replaces retiring Chavez at Goldman — PRI founding exec moves from UBS to Credit Suisse

    • 05 Sep 2019
  • Gilt linkers hit by UK’s plans to reform RPI

    Inflation-linked Gilts suffered a steep sell-off in the secondary market on Wednesday as investors priced in proposed changes to the methodology of the Retail Price Index (RPI).

    • 05 Sep 2019
  • Early 2020 for next UK sukuk

    The UK is preparing to launch its second sukuk in early 2020, said city minister John Glen on Wednesday in a speech at an Islamic Finance Week event held at Mansion House.

    • 05 Sep 2019
  • EIB prices undersubscribed SRI tap through deposit rate

    The European Investment Bank failed to reach full subscription for a tap of its May 2026 Sustainable Awareness Bond that was priced with a yield of minus 0.542%.

    • 05 Sep 2019
  • Dollar SSA buyers heavily favour shorter deals

    The dollar SSA market saw a clear schism this week between the maturities investors favour, with shorter end trades tightening pricing while longer maturity deals were forced to print in line with initial price thoughts.

    • 05 Sep 2019
  • OeKB readies debut SRI bond

    Österreichische Kontrollbank (OeKB), Austria’s export credit agency, will go on roadshow next week to present its recently established sustainability bond framework to European investors. An inaugural bond in the format is expected to follow.

    • 05 Sep 2019
  • SSA names turn screws on dollar spreads

    SSA issuers of dollar bonds were able to push harder on spread than they have in recent weeks on Wednesday, surprising syndicate bankers away from the deals.

    • 04 Sep 2019
  • IFC launches Canadian dollar green debut

    The International Finance Corp hit screens on Tuesday afternoon with its first Canadian dollar green bond. The C$750m ($567m) bond is the issuer's largest ever in the currency.

    • 04 Sep 2019
  • UK has ‘no current plans’ to stop issuing RPI-linked Gilts

    Sajid Javid, the UK chancellor of the exchequer, said on Wednesday that the government has no intention to stop the sale of Gilts linked to the Retail Price Index (RPI), and that no changes would occur to the methodology until at least 2025.

    • 04 Sep 2019
  • ECB governors seek to ‘insulate themselves’ from public backlash to new QE

    The chorus of opposition from the European Central Bank’s Governing Council to the expected revival of its quantitative easing programme grew this week. But analysts say their opposition is merely a way of protecting themselves from likely public opposition to the restart of official bond buying.

    • 04 Sep 2019
  • Primary lights up in tricky dollar SSA market

    The dollar SSA market burst into life on Tuesday, but some bankers say that the tight spreads and low yields on offer mean there is little guarantee any of the trades will be easy.

    • 03 Sep 2019
  • Sweden considers century bonds, but DCM bankers unconvinced of demand

    The Swedish National Debt Office, the Riksgalden, has said that it is assessing whether to issue 100 year bonds as it looks to take advantage of ultra low rates. However, the demand for such products has deteriorated in recent weeks as the seismic rally in government bonds continues to suppress yields, according to public sector debt capital bankers.

    • 03 Sep 2019
  • BMO switches Cook for Wortzman

    BMO Capital Markets’ SSA banker Lindsay Wortzman is transferring to Toronto, and to replace her the London team have picked up Samantha Cook from Nomura.

    • 03 Sep 2019
  • Dollar SSAs ready to fire after US holiday

    The dollar market may have been shut for the Labour Day holiday in the US on Monday but syndicate bankers are expecting big things in the coming days after two titans of the SSA world got decent deals away last week.

    • 02 Sep 2019
  • BNG keeps options open ahead of central bank meetings

    After issuing its biggest ever bond last week, Bank Nederlandse Gemeenten will wait until after the highly anticipated US Federal Reserve and European Central Bank meetings later this month before deciding what to do about its next benchmark new issue.

    • 02 Sep 2019
  • EBRD eyes pre-funding for 2020

    The European Bank for Reconstruction and Development (EBRD) will likely seek to pre-fund for its borrowing programme next year, according to a senior funding official at the supranational.

    • 02 Sep 2019