• Funding scorecard: supranationals

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

    • 19 Oct 2018
  • Green finance jolts forward with Bank’s push

    Green finance experts have hailed the Bank of England’s announcement this week that it intends to tighten supervision of financial firms’ climate risks as an important step forward in greening the financial system. But doubts remain as to whether the Bank will push firms far enough, fast enough.

    • 18 Oct 2018
  • PRA’s four part plan for greening finance supervision

    The UK's Prudential Regulation Authority will soon begin supervising banks and insurance companies on their approach to the physical and transition risks of climate change.

    • 18 Oct 2018
  • JP Morgan closes in on euro SSA crown as HSBC drops down

    JP Morgan has risen to the top of Dealogic’s euro denominated SSA (excluding US agencies) bookrunner league table to keep it within touching distance of taking the reins from HSBC at the end of the year.

    • 18 Oct 2018
  • Tunisia hits road for five year euros

    The Republic of Tunisia hit screens on Thursday, announcing a roadshow to promote a euro benchmark — the nation’s first since February 2017.

    • 18 Oct 2018
  • Investors pour into KfW green as NRW.Bank preps

    A three times subscribed deal by KfW this week showed that there is plenty of green demand for issuers looking to print in the format in the remainder of the year, as a fellow German agency moved forward with plans to bring a trade.

    • 18 Oct 2018
  • BNG ‘looks closely’ at Kangaroo market

    Bank Nederlandse Gemeenten (BNG) is keeping a close tab on the Kangaroo bond market, following the sale of a curve-extending euro bond this week that is likely to complete the issuer’s benchmark funding for 2018.

    • 18 Oct 2018
  • Investors snap up safe dollars but benchmarks tipped for comeback

    Investors were in defensive mode in the dollar market this week as they snapped up short dated trades and floating rate notes, with demand particularly heavy from central banks and official institutions. Bankers are hopeful that benchmark supply will return next week.

    • 18 Oct 2018
  • Market open 'at a price' for Saudi borrowers

    Saudi Arabia has found itself mired in controversy this week over the disappearance and alleged murder of Saudi journalist Jamal Khashoggi. The news has battered Saudi asset prices, but bankers said the market would likely still absorb bond issuance at the right level.

    • 18 Oct 2018
  • Spain’s regions return to markets

    The Autonomous Community of Andalusia this week became the first Spanish region to return to the capital markets while still under the central government’s Regional Liquidity Fund.

    • 18 Oct 2018
  • Turkey returns, cheaper but unbowed

    The Turkish sovereign returned to international markets this week riding a wave of relief and renewed goodwill, following the release of US pastor Andrew Brunson, write Francesca Young and Lewis McLellan.

    • 18 Oct 2018
  • Hennebry heads to Santander

    Conor Hennebry has quit Deutsche Bank to head Santander’s European debt capital markets business.

    • 18 Oct 2018
  • Dollar benchmarks tipped as MuniFin ‘a tickle’ off FRN subscription

    Public sector borrowers could bring dollar benchmarks next week ahead of the limited funding windows of November. Floating rate issuance was the main play in the sector this week, with Municipality Finance falling just short of full subscription as it brought the latest in the format on Thursday.

    • 18 Oct 2018
  • KfW EUR1bn 0.5% Sep 26 green bond

    • 18 Oct 2018
  • NRW.Bank USD1bn FRN Oct 20

    • 18 Oct 2018
  • ESM USD3bn 3% Oct 20

    • 18 Oct 2018
  • Andalusia EUR600m 1.875% Oct 28

    • 18 Oct 2018
  • BNG EUR750m 1.5% Jul 39

    • 18 Oct 2018
  • Italy swaps out debt but yields rise again

    Italy replaced €3.8bn of a short dated BTP Italia with longer dated conventional BTPs on Thursday, but against a backdrop where its bond yields were once again on an upward trajectory.

    • 18 Oct 2018
  • Turkey USD2bn 7.25% Dec 23

    • 18 Oct 2018
  • Indo plots more innovation, fiscal consolidation

    Often considered one of the most sophisticated capital markets issuers in Asia, Indonesia is not standing still. Luky Alfirman, director general at the ministry of finance, told GlobalMarkets, a sister publication of GlobalCapital Asia, that more innovative products are on the cards.

    • 18 Oct 2018
  • DBM bond sale offers up rare Mongolian opportunity

    Mongolia received a huge vote of confidence from investors on Tuesday, when the Development Bank of Mongolia raised $500m from a bond that received orders exceeding $4bn at its peak. The country’s turnaround story and the issuer’s savvy around execution helped cement the transaction.

    • 18 Oct 2018
  • China sovereign bond: a blessing in disguise?

    China may have returned to the dollar bond market at a difficult point last week, but the sovereign still has a way to go before its notes become a real benchmark for the country’s debt issuers.

    • 18 Oct 2018
  • Andalusia stages successful return from FLA

    The Autonomus Community of Andalusia received plenty of demand for its first syndication in over seven years on Wednesday, allowing the issuer to increase the size of its deal and tighten pricing.

    • 17 Oct 2018
  • BNG extends euro curve with 2039 benchmark

    Bank Nederlandse Gemeenten went ultra long in the euro market on Wednesday to issue its longest outstanding bond.

    • 17 Oct 2018
  • KfW punches through curve with last green of 2018

    KfW priced through its curve on Wednesday as it wrapped up its green bond programme for the year with a more than three times subscribed trade.

    • 17 Oct 2018
  • Italy offers investors swap out of BTP Italia

    Italy will give investors the chance to swap out of its earliest maturing BTP Italia for longer dated nominal bonds on Thursday as it attempts to reduce the size of the €20.5bn issue. The deal comes amid a calmer backdrop for BTP yields than over the last few months — a factor that helped determine the timing of the exchange, said one of the leads.

    • 17 Oct 2018
  • Turkey shows resilience with bond market return

    Turkey passed its first test of investor sentiment on Tuesday night, returning to international capital markets with a $2bn five year deal after an absence of six months while the country had a brush with economic and diplomatic chaos.

    • 17 Oct 2018
  • Investors call for SSA currency diversification

    Supranationals and agencies will have to further diversify their funding away from the big two currencies of euros and dollars next year, investors have warned.

    • 17 Oct 2018
  • Turkey makes international comeback

    Turkey made a successful return to international markets on Tuesday after six months away. The sovereign paid up for the privilege, but took an important step in returning financing conditions in the country to normal.

    • 17 Oct 2018
  • BofE exec hired to help write UK Green Finance Strategy

    The UK’s Department for Business, Energy and Industrial Strategy, which is now in charge of the country’s policy on climate change, has hired a Bank of England official on secondment for a key role shaping green finance policy.

    • 16 Oct 2018
  • Turkey needs to fly

    The Republic of Turkey has set price guidance on a new bond issue that equates to 60bp back of its curve. That is a big, sour number for Turkey to have to offer investors, but its goal at this point must be to reopen the capital markets for its banks and corporates. To do that, Turkey's new bond needs to perform.

    • 16 Oct 2018
  • ESM prices ‘fairly’ in dollar return, IADB and NRW.Bank hit screens

    The European Stability Mechanism priced its second ever dollar benchmark at a “fair” level of around 5bp over European Investment Bank’s September 2020, according to onlooking SSA bankers. Elsewhere in the dollar SSA market, Inter-American Development and NRW.Bank mandated banks for floating rate notes.

    • 16 Oct 2018
  • Andalusia makes syndication comeback

    The Autonomous Community of Andalusia has mandated banks for what Dealogic data shows is its first syndication since May 2011.

    • 16 Oct 2018
  • BNG and KfW out with euros

    Bank Nederlandse Gemeenten and KfW mandated banks on Tuesday for euro issues at opposite ends of the curve.

    • 16 Oct 2018
  • Turkey on screens for benchmark

    Turkey is in the market for a five year dollar benchmark — its first trip to international capital markets since it was plunged into financial crisis by US sanctions earlier this year.

    • 16 Oct 2018
  • Eurozone spending is a little late to the game

    Italy’s deficit expanding budget plans — and their incompatibility with the European Commission’s wishes — may be one of the biggest talking points in the capital markets, but Spain also intends to loosen its deficit in the coming years. While fiscal stimulus after years of austerity should be welcome — so long as it’s spent on growth boosting policies rather than handouts — Europe’s lawmakers at the national and supranational level must really be lambasted for their timing.

    • 16 Oct 2018
  • England expects — but how much?

    The Bank of England will steer banks and insurers to think seriously about climate change. This is great news in itself. But what will count is how far the Bank is willing to push them.

    • 16 Oct 2018
  • KDB finds stability in Oz

    Korea Development Bank hopped into the Australian dollar market on October 12, selling an A$400m ($284m) Kangaroo bond. Despite the volatility in the market earlier in the week, KDB had little trouble sealing the popular deal.

    • 16 Oct 2018
  • Actiam tries to sail within planet’s nine boundaries

    Actiam, the Dutch asset manager, has launched what it believes is the first investment strategy built around the nine planetary boundaries — an attempt to describe the ecological limits within which humans can live sustainably on Earth.

    • 15 Oct 2018
  • BondMarker: Kommuninvest’s three year takes hit on pricing

    Kommuninvest has hit its lowest BondMarker score of the year so far with a trade that drew an average rating of 6.53 from voters. The $1bn November 2021 on October 2, the only benchmark priced in the week commencing October 1, scored particularly lowly for pricing, on 6.06.

    • 15 Oct 2018
  • ESM picks dollars to wrap up 2018 funding

    The European Stability Mechanism mandated banks on Monday for its second ever dollar benchmark, following the launch of its dollar programme last year. The supranational will likely issue a size of $3bn to complete its funding needs for the year, according to SSA bankers.

    • 15 Oct 2018
  • Islamic Development Bank goes on road for euro sukuk

    Islamic Development Bank has picked banks for a roadshow promoting its debut euro denominated sukuk benchmark — for the second time this year.

    • 15 Oct 2018
  • Brunson release solidifies new levels for Turkey

    The decision on Friday by the Turkish constitutional court to release the American pastor Andrew Brunson provided a surge of relief for investors in the beleaguered nation, although most of the tightening in debt spreads happened in advance.

    • 15 Oct 2018
  • Funding scorecard: European supranationals and agencies

    This week's funding scorecard looks at the progress of Europe's supranationals and agencies at the start of the fourth quarter.

    • 12 Oct 2018
  • OeKB eyes short end for final benchmark of 2018

    Österreichische Kontrollbank could issue one more benchmark before the year end at the short end of the curve, according to a treasury official at the agency.

    • 12 Oct 2018
  • China extends sovereign curve despite global sell-off

    The People’s Republic of China, acting through its Ministry of Finance (MoF), priced a $3bn return to the international bond market, pushing out its maturity profile to 30 years. But a weaker backdrop meant that the order book was not as strong as its dollar trade last year.

    • 12 Oct 2018
  • MoF’s second auction changes the script

    The Ministry of Finance (MoF) second offshore RMB (CNH) auction in 2018 raised Rmb5bn ($720m) on Wednesday. Despite recent RMB depreciation, the demand for CNH bonds remains, albeit in modest amounts.

    • 12 Oct 2018
  • KBN USD1.5bn 3.125% Oct 21

    • 11 Oct 2018
  • Land NRW USD1bn FRN Oct 20

    • 11 Oct 2018
  • KfW USD4bn 3.125% Dec 21

    • 11 Oct 2018
  • Ontario USD2.5bn 3.4% Oct 23

    • 11 Oct 2018
  • AFD EUR1bn 1.5% Oct 34

    • 11 Oct 2018
  • Ireland EUR3bn 1.35% Mar 31 green bond

    • 11 Oct 2018
  • UK GBP5.25bn 1.625% Oct 71

    • 11 Oct 2018
  • SGP EUR1.75bn 1.125% Oct 28 green bond

    • 11 Oct 2018
  • ESM EUR3bn 0% Jan 22

    • 11 Oct 2018
  • Tobam founder attacks passive investing

    Yves Choueifaty, founder and president of Tobam, talks to GlobalCapital about carbon footprints, public debt, cryptocurrencies, and how passive investment is "the only industry in the world in which people do nothing for a living and then they claim they are cheap".

    • 11 Oct 2018
  • FADE EUR1bn 0.85% Dec 23

    • 11 Oct 2018
  • Ireland and SGP soar through green debuts

    Ireland this week added its name to the growing list of sovereign green bond issuers, achieving one of its main goals as it diversified its investor base. A debut French agency issuer joined the sovereign on Wednesday, printing its first ever deal — which also came from the first ever Green Euro Medium Term Note programme.

    • 11 Oct 2018
  • Euro SSAs to pay up for long end supply

    Public sector borrowers looking to issue at the long end of the euro curve will have to pay a sizeable new issue premium amid market volatility and the impending closure of the European Central Bank’s quantitative easing programme, SSA bankers have warned.

    • 11 Oct 2018
  • What volatility? SSAs wrap up quartet of strong dollar deals

    A global equity sell-off mid-week caused some jitters among bankers covering a live Kommunalbanken dollar deal on Wednesday, but the nervousness proved unfounded as the trade came through to acclaim. The deal was typical in a week where SSAs priced tight and with big books despite choppy wider markets.

    • 11 Oct 2018
  • Global sell-off rocks capital markets

    A sharp sell-off in US equities on Wednesday led to global panic on Thursday as other indices followed suit. Asian and European markets showed some sign of life on Friday, although were still a long way down, but the ramifications of a change in risk sentiment could have lasting effects across capital markets, write Sam Kerr, Ross Lancaster, Costas Mourselas, Craig McGlashan and Aidan Gregory.

    • 11 Oct 2018
  • UK DMO looks to syndicated linker in 2019

    The UK Debut Management Office is planning to issue an inflation linked syndication early next year, after completing its conventional syndicated programme this week with a reopener of its 2071 Gilt.

    • 11 Oct 2018
  • Italy contained in SSAs but 400bp the ‘contagion point’

    A debut sovereign green bond from Ireland and benchmark from a Spanish agency provided the firmest proof yet that the fiscal stink over Italy’s planned budget deficit has not put investors off other SSAs in the eurozone — even those that until recently were in the same ‘periphery’ bucket as Italy. But bankers are concerned that Italy’s standoff with the European Union has further to run — and that a BTP spread over Bunds of 400bp will be the breaking point.

    • 11 Oct 2018
  • FADE eyes PPs following syndication blowout

    Spain's Fondo de Amortización del Déficit Eléctrico (FADE) will look to the private market to complete its 2018 funding programme, following the sale of its second and final syndication of the year.

    • 11 Oct 2018
  • Downside risks for Turkey loom over Brunson hearing

    A court hearing in Turkey could dictate the direction of the country's economy and the outlook for its capital markets in the months to come. Pastor Andrew Brunson, the US citizen whose detention led to the sanctions that triggered the Turkish recession, will appeal his arrest before the Turkish constitutional court on Friday.

    • 11 Oct 2018
  • How to fix a $512bn Libor problem

    There are more than $512bn worth of bonds that will need to switch to an alternative reference rate if global regulators execute plans to ditch the Libor benchmark by the end of 2021, Linklaters said on Wednesday. GlobalCapital asked the law firm what needs to happen for a successful switchover.

    • 11 Oct 2018
  • AFD pays up for euro long end amid volatile backdrop

    Agence Française de Développement got over the line with a 16 year euro benchmark on Thursday, but was unable to tighten the spread from guidance and paid a new issue premium of around 5bp.

    • 11 Oct 2018
  • KBN deal highlights dollar SSA ‘resilience’ to turmoil

    Kommunalbanken showed “the resilience of the dollar SSA market” as it printed a $1.5bn October 2021 Reg S/144A benchmark around its secondary level amid global market volatility on Thursday, said SSA bankers away from the deal.

    • 11 Oct 2018
  • EM credit market wavers as equities crash

    With equity prices around the world tumbling, emerging markets bankers are watching to see just how badly their asset class will be affected.

    • 11 Oct 2018
  • ‘A life of its own’: China returns despite volatility

    With its latest dollar bond, China's Ministry of Finance may have demonstrated the sovereign’s market access and its credit strength even in a hostile trade environment, but a potential repricing of the China state-owned enterprises (SOEs) curve still seems unlikely, writes Addison Gong.

    • 11 Oct 2018
  • IFC in new push to build local capital markets

    Countries should build domestic capital markets that enable borrowers to issue debt in their own currencies, rather than borrow in dollars and face the risk of a spike in interest rates when the dollar rises, the head of the International Financial Corp has told GlobalMarkets, GlobalCapital's sister publication.

    • 10 Oct 2018
  • Ireland and Société du Grand Paris ace green bond debuts

    A pair of debut green bond borrowers made blistering entries to the market on Wednesday. Ireland added its name to the growing list of sovereign green issuers with what on-looking bankers said was a “blowout”, while Société du Grand Paris (SGP) printed at the very top of its size expectations on what was also its debut bond issue of any kind.

    • 10 Oct 2018
  • FADE grabs €1bn, tightens by 4bp

    Fondo de Amortización del Déficit Eléctrico braved volatility in the eurozone periphery bond market on Wednesday for its second benchmark of the year.

    • 10 Oct 2018
  • AFD hits screens for 15 year

    Agence Française de Développement mandated banks on Wednesday for a 15 year euro benchmark amid rising investor appetite in that part of the curve.

    • 10 Oct 2018
  • KfW and Ontario price ‘flat to curve’ in dollars, KBN set to follow suit

    SSAs are enjoying strong conditions in dollars, with KfW and the Province of Ontario finding plentiful demand on Wednesday despite bringing deals that on-looking bankers said were “pretty much” in line with secondaries. Kommunalbanken will price a dollar benchmark on Thursday that leads said was following a similar pattern.

    • 10 Oct 2018
  • Eyes on Brunson hearing for Turkey’s future

    Turkey is braced for one of the most important political events of what has been a turbulent year; the hearing of US pastor Andrew Brunson. The consequences could shape Turkey’s recovery from its recession. Elsewhere, a Russian mining company's loan showed the country is not quite closed for business, and after weeks of quiet, Latin American markets have bounced into life.

    • 10 Oct 2018
  • Unintended tightening ‘to hit Italy’s growth’

    The Italian government’s economic growth expectations are likely to take a hit from “unintended tightening” of monetary policy if BTP yields keep rising, investors have warned.

    • 10 Oct 2018
  • KfW ‘punchy’ in dollar threes, Ontario out in fives

    KfW and the Province of Ontario will hit separate parts of the dollar curve on Wednesday, with the former circulating what one on-looking banker described as “punchy” price thoughts. The deals followed a well-received floating rate note from a German Land that doubled in size.

    • 09 Oct 2018
  • Portugal resilient, not immune to risks

    There is no question that Portugal is one of the success stories to come out of the eurozone sovereign debt crisis. Its 10 year yield, for instance, has recovered from above 16% at the peak of the crisis in 2012 to around 2% today. Amid the current pressures in the eurozone, precipitated by Italy's budget fiasco, Portugal has remained resilient. But rightly or wrongly, an escalation of matters there, or indeed elsewhere in the eurozone periphery, would bring extra pressure to bear.

    • 09 Oct 2018
  • Ireland and Société du Grand Paris ready green debuts

    Wednesday will be debut day in the green bond market, with Ireland preparing a 12 year inaugural euro benchmark and Société du Grand Paris (SGP) out with a 10 year that will also be its first bond issue of any kind. Both must contend with a market backdrop rife with Italian politics-driven turbulence, although SGP’s deal has so far had what one lead called “one of the strongest starts I’ve seen for a French issuer”.

    • 09 Oct 2018
  • UK DMO gets ‘impressive’ reception for 2071 Gilt tap

    The UK Debt Management Office won big demand for a reopeing of its longest outstanding bond on Tuesday, with a final order book that was over five times covered.

    • 09 Oct 2018
  • ESM takes chunk out of fourth quarter funding target

    The European Stability Mechanism completed over 50% of its funding target for the fourth quarter on Tuesday with its first three year euro benchmark since 2015.

    • 09 Oct 2018
  • MUFG reorg puts three global heads outside Japan

    MUFG has put in place a new management structure, which sees a number of its businesses run globally but from outside Japan. The bank has also crowned several regional and deputy regional heads.

    • 09 Oct 2018
  • Funding scorecard: French agencies

    This week's funding scorecard looks at the progress French agencies have made in their funding programmes at the beginning of the fourth quarter.

    • 09 Oct 2018
  • Pakistan curve lifted as country turns to IMF

    The Islamic Republic of Pakistan’s outstanding dollar bonds received a boost on Tuesday after the country turned to the IMF for assistance. Addison Gong reports.

    • 09 Oct 2018
  • SSAs 'insulated’ from Italy sell-off

    A fresh Italian government bond market sell-off on Monday is unlikely to impact issuance from public sector borrowers during the rest of the week, according to SSA bankers.

    • 08 Oct 2018
  • UniCredit bond syndicate veteran retires

    A senior fixed income syndicate banker at UniCredit has retired, GlobalCapital understands. Bankers at rival firms hailed him as “a true original and a character”.

    • 08 Oct 2018
  • Bpifrance completes funding team reshuffle

    Bpifrance has made several appointments to its funding team, including a change of its head of funding.

    • 08 Oct 2018
  • BondMarker: French and German agencies in strong showings

    NRW.Bank and Unédic drew solid results in the latest BondMarker scores, with the French agency just pipping the German issuer with its overall average.

    • 08 Oct 2018
  • China on shaky ground with stocks, bonds down

    Chinese stock markets led the decline among all major Asian indices on Monday, as woes in the region’s bond market also continued. Debt issuers aiming to kick off their deals this week have their work cut out for them.

    • 08 Oct 2018
  • DBM poised for dollar bond return

    The Development Bank of Mongolia is ready to return to the dollar bond market after a six year hiatus.

    • 08 Oct 2018
  • Romania squeezes spreads on euro dual tranche

    Romania was able to cut the spreads on both tranches of its euro benchmark on Thursday.

    • 05 Oct 2018
  • CDC cuts funding target, may be finished for year

    Caisse des Dépôts et Consignatios has reduced its 2018 funding target by 10%, but may not even return to the market for further issuance this year, according to a senior funding official at the agency.

    • 05 Oct 2018
  • Treasury sell-off drags on Asia ahead of supply boom

    A spike in US Treasury yields on Thursday had a knock-on effect on bond spreads in Asia, posing an additional challenge for issuers ready to head out the gates next week.

    • 05 Oct 2018
  • Hopes of order in chaotic thinking on impact

    As environmental and social “impact” becomes a ubiquitous buzzword in financial markets, the risk of muddle and conflict over what it means has intensified, even giving rise to the term “impact washing”. But efforts to shed light and bring harmony are advancing rapidly, with three major contributions in the space of three weeks.

    • 04 Oct 2018
  • IFC offers Operating Principles to guide impact investing

    The International Finance Corp will launch next week at the World Bank/IMF annual meetings in Bali a set of Operating Principles for Impact Management, which are designed to complement the framework for analysing impact produced by the Impact Management Project.

    • 04 Oct 2018
  • Markets in UK councils' sights as May scraps housing cap

    UK local authorities could turn to the capital markets to fund council housing development after the prime minister Theresa May announced plans to scrap a long-standing cap on borrowing, writes Silas Brown.

    • 04 Oct 2018
  • Dollar rate rise suits floaters, but Libor’s end stifles issuance

    A sharp sell-off in US Treasuries after the release of stronger than expected US economic data has changed the landscape for dollar issuance. Ten year benchmarks could be possible, although one product investors would normally welcome in a rising rate environment — floating rate notes — is unlikely to make a big comeback.

    • 04 Oct 2018
  • Investors wary on Italy budget claims

    Italian government bonds suffered another up and down week as investors first baulked at government plans for the budget deficit to be 2.4% of GDP in each of the next three years — then snapped up paper amid suggestions that the deficit would fall gradually. In any case, many on the buy-side are wary of any policy announcements that come from the government.

    • 04 Oct 2018
  • DBJ EUR700m 0.875% Oct 25 sustainability bond

    • 04 Oct 2018
  • ADB £600m FRN Oct 23

    • 04 Oct 2018
  • IDB Invest USD500m Oct 21 FRN

    • 04 Oct 2018
  • Kommuninvest USD1bn 3% Nov 21

    • 04 Oct 2018
  • DBJ tightens price on euro SRI deal

    The Development Bank of Japan was able to tighten pricing on a €700m October 2025 sustainability bond this week, something not every issuer has found possible in the currency in the past few weeks. Meanwhile, the World Bank tapped an old friend for $200m with a green bond.

    • 04 Oct 2018
  • ESM tipped for bond in the belly

    The European Stability Mechanism is likely to aim for the six to eight year part of the euro curve when it brings its first deal of the fourth quarter next week, said SSA bankers. The trade will likely face a more cautious investor base than the borrower enjoyed earlier in the year, they added.

    • 04 Oct 2018
  • Nordic agency pair raise funding targets for 2018

    Two Nordic agencies have raised their funding needs for the year due to an increase in their lending activity, just as the final quarter has begun.

    • 04 Oct 2018
  • Albania EUR500m 3.5% Oct 25

    • 04 Oct 2018
  • ADB scoops largest sterling print for Sonia debut

    Asian Development Bank received large demand for its inaugural Sonia-linked floater on Tuesday, despite offering no new issue concession. The supranational saw a number of new accounts and was able to increase the size of the deal to set the largest volume it has sold in sterling to date.

    • 04 Oct 2018
  • SSA market pressures ECB on Ester publication

    Public sector bond market participants are growing increasingly frustrated at the pace of the implementation of Ester, the alternative euro risk-free rate to replace Euribor. Borrowers are unable to plan for, let alone issue, a bond linked to the benchmark without the rate being published by the European Central Bank. That leaves the euro far behind other markets where Libor is being replaced, writes Burhan Khadbai.

    • 04 Oct 2018
  • Updated: IFC turns Komodos green with Rph2tr debut; World Bank joins in

    The International Finance Corp became the first issuer to launch a green Komodo bond — an offshore bond in Indonesian rupiah — on September 28. But the World Bank had the same idea: it launched a sustainability bond in rupiah the following week.

    • 04 Oct 2018
  • IDB Invest clears FRN issue amid US yield jump

    IDB Invest, the private sector arm of the Inter-American Development Bank, made a rare visit to the market on Thursday against a backdrop of rapidly rising US Treasury yields. The turbulent backdrop looked to have little impact on the trade, however.

    • 04 Oct 2018
  • European Parliament plots ‘no-action letter’

    The European Parliament’s influential economic affairs committee has published a draft report proposing to bring the ‘no-action letter’ to Europe, a move which has been on the finance industry’s wishlist for years.

    • 04 Oct 2018
  • California snaps up World Bank green bonds

    The State of California has bought $200m of short dated green bonds from the World Bank, the latest stage in a relationship that stretches back to the issuer’s first dollar green bond in 2009.

    • 04 Oct 2018
  • Investors will start to say: us, too

    When celebrated investor Bill Gross said that 'bonds, like men, are in a bear market,' he was on to more than he might have realised.

    • 04 Oct 2018
  • Small windows, big potential: Asian bond market gears up

    As the clock ticks down to the end of 2018, Asia’s debt issuers and bankers are hoping for a rebound in supply. But they have to first face a number of challenges, writes Addison Gong.

    • 04 Oct 2018
  • Romania opens books for euro dual trancher

    Romania hit screens on Thursday morning for its second dual tranche euro benchmark of the year.

    • 04 Oct 2018
  • MoF sets date for year's second CNH auction

    China’s Ministry of Finance will hold its second offshore renminbi (CNH) bond auction of the year on October 10, when it will tap its first transaction from July. The new Rmb5bn offering will come two weeks after the People’s Bank of China announced plans to also start issuing CNH-denominated bills in Hong Kong.

    • 04 Oct 2018
  • IDB Invest joins dollar threes spree

    IDB Invest is out with a no-grow $500m three year floating rate note after completing a series of investor meetings. The trade will come after Kommuninvest and NRW.Bank issued in that part of the curve over the last week.

    • 03 Oct 2018
  • ESM tipped for big size in euros after RFP post

    The European Stability Mechanism sent out a request for proposals on Wednesday for its first trade of the fourth quarter, which SSA bankers said will likely be a large deal in the euro market.

    • 03 Oct 2018
  • Still value in Turkey, says investor

    Turkish and Argentine assets have been battered over the past few months, but one investor believes that both countries can provide good value and is expanding its exposure.

    • 03 Oct 2018
  • Investors sceptical on Italian budget shift

    Italian government bonds enjoyed a strong start to Wednesday morning as investors digested talk that the country’s budget plans could be less spending heavy than previously thought. But the buy-side was sceptical that Italy’s populist government will stick to the plans — and BTPs had already retraced some of their earlier gains by the late morning.

    • 03 Oct 2018
  • Albania launches seven year euro benchmark

    The Republic of Albania returned to the capital markets for the first time in three years on Tuesday, selling a euro benchmark.

    • 03 Oct 2018
  • Emerging markets cannot rest on PNG’s laurels

    Papua New Guinea’s dollar bond sale last week was a landmark for the sovereign, which had toyed with the idea of an issuance for more than a decade. But while PNG deserves praise, its success does not reflect a victory for emerging markets.

    • 03 Oct 2018
  • China MoF names banks for $3bn return

    The Ministry of Finance of the People’s Republic of China has mandated 12 banks to work on its planned $3bn return to the bond market, which could come next week.

    • 03 Oct 2018
  • IFC to unveil Operating Principles to guide impact investing

    Work to clarify thinking about impact in investment – meaning its effects on society or the environment – is going on apace. The International Finance Corp will launch next week at the World Bank/IMF annual meetings in Bali a set of Operating Principles for Impact Management, which are designed to complement the framework for analysing impact produced by the Impact Management Project.

    • 03 Oct 2018
  • Idiosyncratic Italy shows eurozone’s new strength

    Italy’s latest political drama is making investors nervous, and rightly so — when the leader of a country’s main governing party accuses European leaders of market ‘terrorism’, in the vein of an ‘EU equals the USSR’ conspiracy theorist, then you’d be right to dump its bonds. But the steadiness of Spanish and Portuguese govvies through all this shows not only that the term ‘eurozone periphery’ may have to be consigned to the historical dustbin, but that the firewalls erected by those same European leaders after the last sovereign debt crisis are standing firm.

    • 02 Oct 2018
  • ADB’s Sonia debut ‘a bit punchy’, but size upped

    Asian Development Bank was aggressive with the pricing of its inaugural Sonia-linked floater on Tuesday by offering no new issue premium, according to SSA bankers. Nevertheless, the supranational was able to attract more than ample interest, allowing it to increase the size of the deal.

    • 02 Oct 2018
  • Kommuninvest gets over line despite ‘very tight’ level

    Kommuninvest was able to get more than enough demand for a rare three year dollar benchmark on Tuesday, despite the deal being priced at a level that onlooking SSA bankers said was flat to fair value.

    • 02 Oct 2018
  • Albania launches euro seven year following tender

    The Republic of Albania hit screens on Tuesday to print a €500m seven year no-grow and, in the face of strong demand, was able to pull in the spread.

    • 02 Oct 2018
  • FCA chair rejects post-Brexit regs bonfire

    UK Financial Conduct Authority (FCA) chair Charles Randell invoked ancient Greek mythology during a speech on Tuesday in which he said that the FCA did not see Brexit as an “opportunity to join a race to the bottom in regulatory standards”.

    • 02 Oct 2018
  • Finnvera increases funding target by 25%

    Finnvera is aiming to raise an additional €500m for its funding programme this year as a result of a surge in the agency’s lending.

    • 02 Oct 2018
  • Samurai market embraces change amid bumper year

    It has been a momentous year in the yen market. Having long been seen as a very traditional and conservative part of the financial world, Japan has been embracing change.

    • 02 Oct 2018
  • China MoF to lead post-holiday bond hopefuls

    A number of Chinese issuers have revealed their offshore bond plans just ahead of a week-long holiday in the Mainland, as the sovereign too plots its return.

    • 02 Oct 2018
  • Funding scorecard: Nordic agencies

    This week's scorecard looks at the progress Nordic agencies have made in their 2018 funding programmes as the fourth quarter begins.

    • 02 Oct 2018
  • ADB joins supra Sonia wave

    Asian Development Bank is set to become the third supranational to issue a Sonia-linked floater, after mandating banks on Monday for a new five year.

    • 01 Oct 2018
  • Kommuninvest reopens Nordic dollar SSA supply

    Kommuninvest hit screens on Monday for the first dollar benchmark by a Nordic public sector borrower since August.

    • 01 Oct 2018
  • Japan’s new-found economic confidence faces key tests

    GDP has bounced back in Japan, but the country faces some stubborn problems, some long-standing — such as low inflation, consumption tax rollout and an ageing population — and some new, including an increasingly protectionist US. Philip Moore reports.

    • 01 Oct 2018
  • BondMarker: dollars defeat euros once again

    There was a large range of average scores in the latest BondMarker results, with dollar deals largely outperforming euro trades.

    • 01 Oct 2018
  • Japan’s pioneering SRI market sees new growth impetus

    The Japanese issuer base for socially responsible investments (SRI) is growing steadily, with some borrowers adding social and sustainability bonds to the already busy green bond market. On the buy-side, an investor base well versed over many years in SRI is also taking to the asset class.

    • 01 Oct 2018
  • Rabobank changes FIG and SSA DCM head

    Rabobank has made an internal appointment to replace its head of FIG and SSA debt capital markets.

    • 01 Oct 2018
  • EIB revamps funding team with product focus

    The European Investment Bank is rejigging its funding team to create teams dedicated to products rather than currencies, and is targeting new markets, including China.

    • 01 Oct 2018
  • Kommuninvest raises funding target for 2018

    Kommuninvest has increased its funding needs for the year, as it prepares for the final quarter.

    • 01 Oct 2018

European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 15,293.97 23 9.68%
2 Barclays 15,041.98 19 9.52%
3 Citi 12,831.69 22 8.12%
4 HSBC 11,347.34 16 7.18%
5 BNP Paribas 9,566.00 13 6.05%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 38,458.62 103 12.19%
2 JPMorgan 28,322.17 76 8.97%
3 HSBC 26,160.46 65 8.29%
4 Bank of America Merrill Lynch 25,855.13 74 8.19%
5 Goldman Sachs 21,942.20 50 6.95%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 34,785.31 89 8.33%
2 Barclays 31,331.38 59 7.50%
3 UniCredit 30,652.04 80 7.34%
4 HSBC 28,482.56 104 6.82%
5 BNP Paribas 26,256.57 63 6.29%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 75,189.63 423 7.08%
2 Citi 71,343.62 261 6.72%
3 HSBC 65,680.62 258 6.18%
4 Barclays 57,933.89 215 5.45%
5 Deutsche Bank 48,544.86 152 4.57%