• FMO plans inaugural social and Sofr after green debut

    The Netherlands Development Finance Company (FMO) is looking to sell its first social bond this year following its inaugural green trade this week. The agency is also keeping a close watch on the Sofr market.

    • 14 Feb 2019
  • Turkey USD2bn 5.8% Feb 22 sukuk

    • 14 Feb 2019
  • Latvia EUR700m 1.875% Feb 49

    • 14 Feb 2019
  • Snow problem as SSAs break dollar records

    One of the biggest snowstorms to hit Ottawa in years could not stop Export Development Canada printing its largest ever deal this week, alongside a record three year book for the European Investment Bank (EIB) and a very healthy Bank of England (BoE) dollar deal.

    • 14 Feb 2019
  • Uzbekistan USD500m 4.75% Feb 24, $500m 5.375% Feb 29

    • 14 Feb 2019
  • SSAs reap rewards from ‘treating sterling as core’

    The UK’s future may be impossible to fathom as the beyond-satirical story of Brexit drags on, but public sector borrowers printing in the country’s currency can be certain that this will be a year of tumbling records, with volumes soaring and average sizes rocketing. While strong technical factors are behind much of the demand, some SSA bankers say that a willingness by issuers to treat execution in the currency like that in euros and dollars has bolstered sterling’s standing.

    • 14 Feb 2019
  • EFSF and AFD price in strong euro mart as pipeline builds

    The European Financial Stability Facility (EFSF) and Agence Française de Développement (AFD) became the latest issuers to enjoy a strong euro market this week, and there is more supply to come.

    • 14 Feb 2019
  • Fonplata chooses Swissies for its international debut

    The international capital market welcomed a new supranational borrower on Monday when Bolivia-based Fonplata issued a debut Sfr150m five year bond via Credit Suisse and UBS.

    • 14 Feb 2019
  • Balearic Islands sells largest ever bond in market comeback

    Investors backed the return of the Balearic Islands to the bond markets on Tuesday with the Spanish region selling its biggest ever single tranche bond. It was able to attract huge demand despite the threat of a snap general election in Spain — a prospect that looked increasingly likely as the week neared its end.

    • 14 Feb 2019
  • Uzbekistan makes first leap into capital markets

    Uzbekistan opened a new chapter in emerging market bonds on Wednesday, printing a $1bn dual tranche deal. Market participants are expecting a swathe of other issuers from the country to follow the sovereign into the capital markets, although soggy trading on Thursday has stiffened investor resolve to hold firmer on pricing on subsequent Uzbek deals, writes Francesca Young.

    • 14 Feb 2019
  • KfW tightens price on Canadian dollar return

    KfW made a strong return to the Canadian dollar market on Thursday after 3.5 years away from the currency, as it tightened pricing on its comeback deal. The German agency came alongside a green bond in the currency from a Canadian province.

    • 14 Feb 2019
  • Uzbekistan: a brief reminder of better times

    In the emerging markets over the past year the art of bond investing has often felt like perfecting the skill of mitigating disaster — of knowing when to catch a falling knife or jump on a rebound before everyone else does.

    • 14 Feb 2019
  • Uzbekistan bonds struggle after ‘super tight’ pricing

    Uzbekistan printed its $1bn dual tranche five and 10 year bond on Wednesday to great investor excitement, but the bubble was punctured on Thursday when both traded down in the secondary market. That was despite orders as big as $300m from one international EM account, according to Uzbekistan’s deputy prime minister and finance minister, Jamshid Kuchkarov.

    • 14 Feb 2019
  • Turkey returns to sukuk, sets up corporate comeback

    The Turkish sovereign’s third bond of the year, a sukuk, was priced with no new issue premium on Wednesday, paving the way for Türk Telekom to come to market.

    • 14 Feb 2019
  • Indonesia returns to green notes with sukuk

    The Republic of Indonesia was back in the dollar market this week with its regular sukuk issuance. But with a trade that mirrored its 2018 Islamic financing transaction, the sovereign added a green tranche, allowing it to tap a niche set of investors in an effort to raise $2bn. Morgan Davis reports.

    • 14 Feb 2019
  • Bank of England USD2bn 2.5% Feb 22

    • 14 Feb 2019
  • Balearic Islands EUR400m 1.549% Nov 28

    • 14 Feb 2019
  • FMO USD500m 2.75% Feb 24 green bond

    • 14 Feb 2019
  • AFD EUR700m 0.375% Apr 24 tap

    • 14 Feb 2019
  • EFSF EUR3bn 0% Apr 24, EFSF EUR1.5bn 1.7% Feb 43 tap

    • 14 Feb 2019
  • EDC USD2bn 2.625% Feb 24

    • 14 Feb 2019
  • EIB USD3bn 2.625% May 22

    • 14 Feb 2019
  • KfW GBP750m 0.875% Mar 22 tap

    • 14 Feb 2019
  • EDC brings largest ever deal alongside EIB’s ‘spectacular’ dollar benchmark

    A pair of triple-A SSA borrowers built heavily oversubscribed books — and one printed its largest ever deal — on Wednesday in a dollar market that is still attracting heavy demand and performing in secondary despite already tight levels.

    • 13 Feb 2019
  • KfW and Québec to hit Canadian market

    KfW and Québec will bring Canadian dollar bonds to the market on Thursday, with the former looking to issue in the currency for the first time since 2015.

    • 13 Feb 2019
  • FMO plots social bond debut, ‘exploring Sofr’

    The Netherlands Development Finance Company (FMO) is looking to sell its first social bond this year following its inaugural Green trade this week. The agency is also keeping a close watch on the SOFR market.

    • 13 Feb 2019
  • Turkey tightens as books for sukuk over $3.5bn

    The Republic of Turkey has tightened price guidance for its three year sukuk to 5.9% area, with books for the deal in excess of $3.5bn.

    • 13 Feb 2019
  • Netherlands latches onto red hot sovereign demand

    The Netherlands became the latest sovereign from the eurozone to receive a record order book in 2019, as it sold a new 10 year benchmark bond through auction on Tuesday.

    • 13 Feb 2019
  • KDB’s tight bond pricing a ‘pleasant surprise’

    Korea Development Bank has raised $1bn from a dual-tranche bond that came inside its secondary curve, as investors flocked to high quality, investment grade rated credits.

    • 13 Feb 2019
  • If it ain’t broke: Indonesia repeats green, sukuk combo

    The Republic of Indonesia returned to the bond market in style this week, using a tried-and-tested formula by adding a green tranche to a $2bn sukuk.

    • 13 Feb 2019
  • Green knowledge is not an efficient market

    Biofuels have swollen thanks to policies to combat climate change — even though often, they do not help the problem and can make it worse. This is a shocking record, born of ignorance, both accidental and wilful.

    • 12 Feb 2019
  • Dollars back in force after Chinese New Year shutdown

    A strong start to the year for public sector dollar issuance is keeping up the pace so far this week, with last week’s slowdown during the Chinese New Year holidays only appearing to make investors hungrier. Both of Tuesday’s dollar deals were well oversubscribed — one spectacularly so — and there is a full card of issuers waiting to come on Wednesday.

    • 12 Feb 2019
  • EFSF rounds off first quarter funding with low NIP

    The European Financial Stability Facility completed its funding for the first quarter with a dual tranche offering on Tuesday, which was priced with minimal concession, according to the leads.

    • 12 Feb 2019
  • Armenia repo stream deepens after third structured EBRD deal

    Armenia is to increasingly tap the repo market for its funding needs following three landmark transactions between Armenian banking group Armswissbank and the European Bank for Reconstruction and Development (EBRD).

    • 12 Feb 2019
  • Balearic Islands brings biggest ever bond

    Investors backed the return of the Balearic Islands to the bond markets on Tuesday with the Spanish region selling its biggest ever single tranche bond. It was able to attract huge demand despite increasing tensions surrounding Catalonian independence, which could lead to early elections in Spain.

    • 12 Feb 2019
  • Daiwa hires dollar SSA trading head

    Daiwa Capital Markets Europe has appointed a new head of dollar SSA trading.

    • 12 Feb 2019
  • Emirates Development Bank to make capital markets debut

    Emirates Development Bank is lining up to make its debut in bond markets, eyeing a $750m benchmark in February.

    • 12 Feb 2019
  • Latvia opens books on 30 year

    Latvia came to market on Tuesday morning for a 30 year euro benchmark, reawakening a dormant Central and Eastern European bond market.

    • 12 Feb 2019
  • Lat Am multilateral chooses Switzerland for debut deal

    Bolivia-headquartered multilateral lender Fonplata sold its first ever bond on Monday, raising Sfr150m ($150m) of five year money from Swiss investors.

    • 12 Feb 2019
  • Turkey makes sukuk return, another borrower waiting in wings

    Turkey has picked banks for its third benchmark of the year and its first since 2017 to be issued using sukuk documentation. Bankers say another Turkish borrower could mandate before the end of the week.

    • 12 Feb 2019
  • IDA to add bills to funding mix, non-core currency benchmark or MTNs up next

    The International Development Association is preparing a short-term borrowing programme that the issuer told GlobalCapital will be similar in form to the commercial paper offerings of its peers the European Investment Bank and KfW. A second benchmark — likely to be in sterling or a niche currency — or a debut private medium-term note could follow, the borrower added.

    • 12 Feb 2019
  • FMO and BoE to kick off dollar SSAs following Asian holidays

    The Netherlands Development Finance Company (FMO) and the Bank of England hit screens with dollar mandates on Monday to start what should be a busy week of supply in the currency for public sector borrowers, according to bankers.

    • 11 Feb 2019
  • EFSF opts for dual tranche

    The European Financial Stability Facility mandated banks on Monday for a long five year and a tap of its February 2043 bond.

    • 11 Feb 2019
  • KfW taps into sterling demand, FMS makes quick return

    KfW found plenty of appetite in the sterling market on Monday, allowing it to increase its target size during the book build for a tap, before printing an even larger size of £750m. FMS Wertmanagement will add to the sterling supply on Tuesday after picking banks for its second fixed rate benchmark in the currency this year.

    • 11 Feb 2019
  • Balearic Islands back amid fresh Catalan independence debate

    The Balearic Islands appointed banks on Monday for its first bond since 2012, just as tensions over Catalan independence return to the forefront of Spanish politics.

    • 11 Feb 2019
  • Latvia coming for 30 year euros

    The Republic of Latvia hit screens on Monday to announce a 30 year euro benchmark — breathing life back into what has been a rather quiet Central and Eastern European bond market.

    • 11 Feb 2019
  • Bahrain Mumtalakat picks banks for rare benchmark

    Bahrain Mumtalakat Holding Company, the Bahraini sovereign wealth fund, has picked five banks to run a roadshow promoting a dollar sukuk benchmark.

    • 11 Feb 2019
  • Banks and investors ignoring biofuel risks

    The harmful climatic effects of biofuels, which policymakers have long promoted as a solution to climate change, are increasingly being pointed out, although the financial industry remains largely unaware of them. A report by ShareAction has highlighted the risks investors and banks are running by financing the burning of wood as a fuel.

    • 08 Feb 2019
  • Funding scorecard: Nordic agencies

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

    • 08 Feb 2019
  • Pfandbriefbank demonstrates strength of Swiss model

    Robert Horat, managing director of the Zurich-based Pfandbriefbank schweizerischer Hypothekarinstitute, says he is mystified as to why the pooling model underpinning Swiss Pfandbriefe has not been used as a blueprint for covered bond markets elsewhere in Europe.

    • 07 Feb 2019
  • Raters, investors ‘should cooperate’ on ESG

    Rating agencies and investors are realising they have more in common than they thought when it comes to environmental, social and governance (ESG) factors. And they are more inclined now to work together than find fault.

    • 07 Feb 2019
  • Italy EUR8bn 3.85% Sep 49

    • 07 Feb 2019
  • Joint Laender EUR1bn 0.625% Feb 29

    • 07 Feb 2019
  • KfW takes super sterling to new level

    KfW set yet another landmark for a supranational and agency sterling market enjoying its best ever start to the year, as the German borrower drew a big book while placing the longest dated new issue of the year so far on Wednesday.

    • 07 Feb 2019
  • Big books for SSAs despite small NIPs

    The theme in the euro public sector market this week was large book sizes despite issuers paying very little concession, with Finland, the European Investment Bank (EIB), Madrid and the Joint Länder all keeping close to their curves.

    • 07 Feb 2019
  • CAF USD1.25bn 3.25% Feb 22

    • 07 Feb 2019
  • Finland EUR3bn 0.5% Sep 29

    • 07 Feb 2019
  • EIB EUR3bn 0.05% May 24

    • 07 Feb 2019
  • UK GBP2.5bn 0.125% Aug 41 linker tap

    • 07 Feb 2019
  • Madrid EUR1.25bn 1.571% Apr 29 sustainable bond

    • 07 Feb 2019
  • CAF shows SSA credentials with large print amid Venezuela turmoil

    Corporación Andina de Fomento (CAF) laminated its SSA membership card this week as it tightened pricing while equalling its largest ever dollar benchmark for size — despite political turmoil in one of its shareholders.

    • 07 Feb 2019
  • Italy 30 year flies, but bonds hit by growth cut

    Italy received record-breaking demand for a long end syndication this week, overtaking its previous record set only last month. But it wasn’t all positive for Italy, as its bonds took a hit after the European Commission cut the country’s growth forecast on Thursday.

    • 07 Feb 2019
  • Spain’s regions set for capital markets comeback

    Several Spanish regions are expected to return to bond markets this year, having been locked out since the eurozone sovereign debt crisis. GlobalCapital understands that the Spanish government has approved a request for new debt to be issued by the Balearic Islands — a region that has not sold a bond since 2012. More approvals could follow in the next few weeks. Burhan Khadbai reports.

    • 07 Feb 2019
  • UK CPI linker ‘bonkers’ before govt decision

    It does not make sense for the UK Debt Management Office (DMO) to change its index for inflation linked bonds before the government has decided on its preferred measure of inflation, said market participants, responding to a report from the country’s politicians.

    • 07 Feb 2019
  • EMs ‘losing appetite’ to mount challenge to Malpass role at World Bank

    No candidate from an emerging or developing country has come forward to challenge US politician David Malpass for the presidency of the World Bank Group.

    • 07 Feb 2019
  • Private finance for development ‘small and getting smaller’

    Governments of low income countries will need private capital to finance infrastructure projects if they are to meet the Sustainable Development Goals by 2030, according to a report from the International Monetary Fund. Phil Thornton reports

    • 07 Feb 2019
  • Trapped Venezuela investors could enter ‘uncharted territory’

    US sanctions have brought secondary markets in Venezuelan sovereign bonds and those of state oil company PDVSA to a standstill, leaving investors unable to trade. As a result, the bonds may be withdrawn from the JP Morgan Emerging Markets Bond Index.

    • 07 Feb 2019
  • Uzbekistan drops DB, embarks on roadshow

    The roadshow for Uzbekistan’s debut dollar denominated 144A/Reg S benchmark started this week, but with only two of the three international banks originally picked for the mandate still present on it.

    • 07 Feb 2019
  • France adds to GrOAT, 30 year could follow

    France increased the size of its Green OAT for the first time in 2019 on Thursday. The sovereign could follow up with a 30 year syndication as early as next week, said market participants.

    • 07 Feb 2019
  • EFSF to go for ‘fives or 10s’

    The European Financial Stability Facility will likely issue a euro benchmark in the five or 10 year parts of the curve next week, according to SSA bankers.

    • 07 Feb 2019
  • Italy wins record book (again) for 30 year

    Italy passed a test at the long end of the curve with a final order book of over €41bn for a 30 year syndication on Wednesday — far surpassing its previous record book that was set only last month.

    • 06 Feb 2019
  • KfW pushes out sterling tenors as record volume keeps pace

    KfW set yet another landmark for a supranational and agency sterling market enjoying its best ever start to the year, as the German borrower drew a big book while placing the longest dated new issue of the year so far on Wednesday.

    • 06 Feb 2019
  • Spanish regions set for bond market return

    GlobalCapital understands that the Spanish government has approved requests from the Balearic Islands and Castile and Leon to issue new debt. More approvals could follow “in the next few weeks” for the Basque Country and Galicia, according to a DCM banker based in Madrid.

    • 06 Feb 2019
  • Venezuela’s lifelines dropping one by one

    Investors are waiting feverishly for regime change in Venezuela. With US sanctions having stopped trading in the sovereign bonds and those of state oil company PDVSA, investors are unable to alter their exposure to the country.

    • 06 Feb 2019
  • CAF ‘playing it safe’ amid Venezuela turmoil, say investors

    Corporación Andina de Fomento (CAF) may be playing it safe with its first dollar benchmark of the year, according to investors, amid uncertainty over the political future of Venezuela — one of its shareholders and the country in which it is headquartered.

    • 06 Feb 2019
  • French SSAs should frontload ahead of May-hem

    With SSA primary market conditions red hot, it would be wise for French public sector borrowers to crack on with their funding ahead of a double whammy of risk events in May.

    • 05 Feb 2019
  • Italy goes long with 30 year

    Italy will test peripheral sovereign appetite in the long end after hitting screens on Tuesday for a 30 year syndication.

    • 05 Feb 2019
  • Finland, EIB and Madrid get record books despite low NIPs

    All three public sector borrowers in the euro market on Tuesday received record order books, despite the spreads tightening by up to 5bp during pricing — which left little to no concessions for investors.

    • 05 Feb 2019
  • CAF to wake dollar market

    Corporación Andina de Fomento (CAF) will break the silence of the public sector dollar market this week, after circulating initial price thoughts on Tuesday for its first benchmark of the year in the currency.

    • 05 Feb 2019
  • UK DMO adds £2.5bn to 2041 linker, KfW mandates for 2025s

    The UK Debt Management Office showed no effects from the ‘noisy UK environment’ to comfortably conclude its 2018/19 syndicated programme on Tuesday. KfW will add to the sterling SSA supply this week after picking banks for its third benchmark in the currency this year.

    • 05 Feb 2019
  • France should come ‘sooner rather than later’ for 30 year

    France should take advantage of strong market conditions to issue its planned 30 year syndication before any potential volatility arises, according to analysts.

    • 05 Feb 2019
  • Finland and Madrid to join 10 year party

    Finland and Madrid hit screens on Monday to capitalise on the red hot appetite for euro sovereign supply in the 10 year part of the curve.

    • 04 Feb 2019
  • EIB chooses fives for euro return

    The European Investment Bank on Monday selected the five year part of the curve for its second euro benchmark of the year. The issuer will be hoping to replicate the recent success of public sector agencies in that tenor, including KfW, which achieved a record breaking book for its five year last week.

    • 04 Feb 2019
  • Bond king retires after a pauper’s year

    Portfolio manager Bill Gross, regarded as a legend of the fixed income investment world, announced his retirement on Monday, after a torrid year for the global unconstrained bond fund he managed at Janus Henderson Investors.

    • 04 Feb 2019
  • Uzbekistan hits road for debut

    Uzbekistan landed on screens on Monday morning, announcing a roadshow to promote its debut in the Eurobond market.

    • 04 Feb 2019
  • EIB: ‘terrible’ Brexit will not harm bank’s bonds or capital

    The head of the European Investment Bank lambasted the prospect of Brexit as “terrible” but insisted that the departure of the UK would not impact the bank’s bonds or affect its capital position.

    • 04 Feb 2019
  • France plans to increase GrOAT

    France will increase the size of its June 2039 Green OAT next Thursday through auction, according to the Agence France Trésor.

    • 01 Feb 2019
  • Funding scorecard: European sovereigns

    Find out how far European sovereigns have progressed in their 2019 plans as the January rush ends.

    • 01 Feb 2019
  • Green bond players size up chances of 2019 growth

    Green bond watchers are putting out their forecasts for issuance this year, hoping for a return to growth after a disappointing 2018. The year has started decently, with at least $6bn issued so far, including this week’s debut issue from Telefónica, hailed as the first from the telecoms sector.

    • 01 Feb 2019

European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 9,951.14 12 13.89%
2 Citi 7,280.23 9 10.16%
3 HSBC 5,813.76 5 8.12%
4 BNP Paribas 5,802.58 8 8.10%
5 Barclays 5,746.99 7 8.02%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 9,140.46 20 12.14%
2 JPMorgan 8,485.94 17 11.27%
3 Barclays 7,215.80 13 9.59%
4 Bank of America Merrill Lynch 5,863.94 19 7.79%
5 HSBC 5,764.61 9 7.66%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 15,490.59 23 10.81%
2 Credit Agricole CIB 13,234.00 19 9.24%
3 HSBC 11,041.26 21 7.70%
4 Goldman Sachs 10,202.29 12 7.12%
5 Barclays 10,190.11 13 7.11%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 25,051.88 71 8.78%
2 Barclays 21,533.79 49 7.55%
3 HSBC 20,527.83 55 7.20%
4 Citi 19,220.14 43 6.74%
5 Bank of America Merrill Lynch 16,931.81 46 5.94%