• Comment: Markets must prepare again for a No Deal Brexit

    Theresa May’s statement today that she will step down as leader of the Conservative Party on June 7 has increased the likelihood that the UK will leave the European Union without a deal, meaning capital markets need to prepare for the worst again.

    • 02:45 PM
  • Funding scorecard: Nordic agencies

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

    • 02:15 PM
  • MTN head joins exodus to Paris

    The head of the MTN desk at a major US bank is relocating from London to Paris.

    • 11:30 AM
  • Green innovation: Dutch classify buyers, Germans mull strippable labels

    The green bond market is going through one of its most intense periods, with a wide variety of high profile issuers joining the market. But there are also hints of novelty in the market. The Netherlands and KfW have used systems for classifying green investors, while Germany is considering a radical idea: whether Bunds could be issued with detachable green certificates. Jon Hay reports.

    • 23 May 2019
  • SEC charges commercial real estate developer with Ponzi fraud

    The Securities and Exchange Commission (SEC) said on Thursday that it was charging Robert C. Morgan, a commercial real estate developer who carried out substantial business with the government sponsored agencies' CMBS platforms, with Ponzi scheme-like fraud. The regulator has demanded an asset freeze and other civil penalties.

    • 23 May 2019
  • Dutch green bond sets new landmarks

    The Netherlands this week set a number of precedents in the sovereign green bond market with its highly anticipated debut deal in the format.

    • 23 May 2019
  • World Bank USD4bn 2.125% Jul 22

    • 23 May 2019
  • Netherlands €5.985bn 0.50% Jan 40 green bond

    • 23 May 2019
  • NWB EUR1bn 0.125% May 27 affordable housing bond

    • 23 May 2019
  • Kommuninvest USD1bn 2.250% Jan 21

    • 23 May 2019
  • NRW.Bank USD750m 2.25% May 23

    • 23 May 2019
  • SGP EUR1bn 1.70% May 50 green bond

    • 23 May 2019
  • People news in brief

    JP Morgan picks levfin top brass — Ex-Barclays boss turns up at Wells Fargo — Fixed income portfolio manager leaves Mirova.

    • 23 May 2019
  • Razor thin SSA spreads to Treasuries tipped to last

    Spreads over Treasuries on supranational and agency trades shrank to record low levels this week, with the World Bank raising debt just a hair’s width wide of US government debt. Market watchers reckon the good times for issuers are here to stay for the foreseeable future.

    • 23 May 2019
  • SGP places ‘missing piece of jigsaw’ with 30 year benchmark

    Société du Grand Paris (SGP) issued a 30 year bond on Thursday which extends its benchmark curve from 2034 to 2050.

    • 23 May 2019
  • SSAs pounce on Norway govvie redemption to raise MTN cash

    The recent redemption of a Norwegian government bond has led to an increase in Nordic currency issuance this week, according to one MTN banker. The European Investment Bank and KfW tapped these released funds to raise a combined Nkr1.5bn ($171.2m).

    • 23 May 2019
  • Final World Bank bond outing due in June

    The World Bank is due to return to the bond markets for around $5bn by the end of June, as the issuer seeks to complete its funding programme by the end of its fiscal year.

    • 23 May 2019
  • NatWest Markets SSA DCM head set for Brexit relocation

    The head of sovereign, supranational and agency (SSA) debt capital markets at NatWest Markets will move to the bank’s Paris office over the summer as part of preparations for the UK’s withdrawal from the European Union, GlobalCapital understands.

    • 23 May 2019
  • GlobalCapital Bond Awards 2019 : the winners

    GlobalCapital revealed the winners of its 2019 Bond Awards at its annual Bond Awards Dinner at the Jumeirah Carlton Tower in London on May 22. The complete results are below. GlobalCapital congratulates all the winners and nominees.

    • 23 May 2019
  • Record rate cut signal buoys Kanga bankers

    Kanagaroo bond market participants welcomed the prospect of ever lower rates in Australian dollars as four SSA borrowers priced taps over Tuesday and Wednesday.

    • 22 May 2019
  • BrokerTec targets European repo with RFQ

    CME Group’s fixed income electronic trading platforms business is launching a dealer-to-client Request for Quote (RFQ) trading product for the European repo market.

    • 22 May 2019
  • French SSA duo ready green bonds

    Two French public sector borrowers are preparing to return to the green bond market, with the latter going on a roadshow to plug its first benchmark issue since 2017.

    • 22 May 2019
  • NRW.Bank bumps up size as dollars still in vogue

    NRW.Bank printed a $750m four year trade on Wednesday, with the borrower the latest to benefit from the cash piles that dollar investors are sitting on.

    • 22 May 2019
  • Jamaica’s solo cat bond to cover cyclones or earthquakes

    Jamaica has gone beyond an existing programme with other countries in its region in order to beef up its defences against natural disasters by deciding to work with the World Bank to prepare a catastrophe bond. The deal may also have ramifications for the sustainability of its debt.

    • 22 May 2019
  • Updated: Green market blossoms as Hong Kong raises $1bn

    Hong Kong scored with a $1bn debut green bond this week, after investors poured more than $4bn into the transaction’s final order book. The deal was a strategic attempt by the government to encourage the development of green financing in the city, but the impact remains to be seen. Morgan Davis reports.

    • 22 May 2019
  • Minuscule Treasury spreads here to stay for SSAs, say investors

    Dollar issuers in the primary public sector bond market are paying some of their tightest ever spreads over US Treasuries, and investors say this is unlikely to change anytime soon as a “wall” of money floods into the market.

    • 22 May 2019
  • Green Gilts would be a political act

    Investors are calling on the UK to issue green bonds. Should it? There is little doubt markets would like them — but the important question is, would the public?

    • 21 May 2019
  • Portugal set for Panda debut

    Portugal mandated Bank of China and HSBC on Tuesday to place its first renminbi bonds on the China interbank bond market, as it looks to become the first eurozone sovereign to issue Panda bonds.

    • 21 May 2019
  • Netherlands sails through debut green bond

    The Netherlands got a huge reception for its highly anticipated inaugural green bond on Tuesday, with a final book of over €20bn that allowed the sovereign to issue at the upper end of its target.

    • 21 May 2019
  • NWB launches new social framework

    Nederlandse Waterschapsbank has inaugurated its updated social housing bond framework with a €1bn SRI issue. The new framework includes an environmental aspect alongside pre-existing social elements.

    • 21 May 2019
  • NRW.Bank mandates as basis swap sweetens

    NRW.Bank has joined the list of dollar issuers this week, as the beneficial euro/dollar swap spread for euro funders and tight spread over Treasuries for dollar names proves an attractive lure.

    • 21 May 2019
  • Latvia taps 2049s for €300m flat to curve

    Latvia re-opened its 2049 line on Monday, bringing the total to €1bn with a tap that came almost flat to its curve and completed its funding programme for the year.

    • 21 May 2019
  • GSEs must decide their own fates, FHFA chief says

    Federal Housing Finance Agency chief Mark Calabria said on Monday that he expects the government-sponsored enterprises to decide their own paths out of conservatorship in the coming years, rather than have the housing regulator lay out a controlled plan for their privatisation.

    • 20 May 2019
  • World Bank goes for threes

    World Bank mandated banks on Monday for its first three year dollar benchmark since 2017.

    • 20 May 2019
  • Andalusia prints first MTNs for six years

    The Spanish region of Andalusia has sold three long dated bonds in the last week, marking its return to the MTN market after a six year absence.

    • 20 May 2019
  • Syndicate teams ‘know less than 10 years ago’ says KfW treasurer

    The treasury head for one of Europe’s largest capital markets borrowers, Germany’s KfW, said last week that primary markets syndicates ‘know less about the markets than 10 years ago’, leading to bankers being more conservative about where to price bond issues than in the past.

    • 20 May 2019
  • Netherlands posts initial guidance for debut green bond

    The Dutch State Treasury Agency (DSTA) has released initial spread guidance for its inaugural green bond, which will be launched via Dutch Direct Auction (DDA) on Tuesday.

    • 20 May 2019
  • Tokyo and Kommuninvest latest tests of sizzling dollar primary

    Tokyo Metropolitan Government and Kommuninvest released initial price thoughts on dollar trades on Monday, as investor demand in the currency remains high despite a run of deals last week.

    • 20 May 2019
  • Funding scorecard: European sovereigns

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

    • 20 May 2019
  • Latvia back for more at 30 years

    Latvia was in market on Monday for a tap of a 30 year bond, returning to the line it opened three months ago. The deal enjoyed strong demand, allowing leads to slice 6bp from the spread.

    • 20 May 2019
  • CDC goes on road for debut sustainability bond

    Caisse des Dépôts et Consignations (CDC) will introduce its new green, social and sustainability bond framework to investors ahead of a debut euro benchmark sustainability bond.

    • 20 May 2019
  • EDC GBP600m FRN May 24

    • 20 May 2019
  • Commission’s Berrigan pours cold water on EU safe asset, ESBies

    John Berrigan, deputy director general at the European Commission, has said that the creation of a European safe asset, and in particular European Safe Bonds, would be difficult to achieve.

    • 20 May 2019
  • Fixed income portfolio manager leaves Mirova

    A Paris-based senior credit portfolio manager has left Mirova after spending five years at the firm, GlobalCapital understands.

    • 20 May 2019
  • EDC grabs £600m to extend Sonia curve

    Export Development Canada sold its second Sonia-linked floating rate note on Friday, which extends the issuer’s curve linked to the reference rate to 2024.

    • 17 May 2019
  • Indonesia closes record-setting Samurai

    The Republic of Indonesia raised ¥177bn ($1.6bn) from a six tranche bond sale in Japanese yen on Thursday, making it the largest public Samurai bond deal from an Asian country.

    • 17 May 2019
  • TDB USD500m 4.875% May 24

    • 16 May 2019
  • Kenya USD900m 7% May 27, $1.2bn May 32 8% amortisers

    • 16 May 2019
  • UK GBP4.75bn 1.625% Oct 54

    • 16 May 2019
  • EIB PLN1bn 2.875% Nov 29 Climate Awareness Bond

    • 16 May 2019
  • KfW EUR3bn 0.01% May 27 green bond

    • 16 May 2019
  • World Bank EUR1.5bn 0.25% May 29 sustainable bond

    • 16 May 2019
  • NIB USD1bn 2.25% May 24

    • 16 May 2019
  • Gilts profit from safe haven flow with new £4.75bn deal

    Gilts are profiting from safe-haven flows, said Robert Stheeman, chief executive of the UK Debt Management Office (DMO), which, this week, sold its first syndicated note of the 2019/20 funding year — a 6.5 times subscribed issue.

    • 16 May 2019
  • Gilt trip: investors badger UK DMO to bring green deal

    Large asset managers have urged the UK to start issuing green Gilts to support the country’s environmental initiatives and broaden the range of assets they can buy. Although the government's Green Task Force recommended the idea last year, there has been little progress since and the country’s Debt Management Office has shown little enthusiasm for the product, writes Burhan Khadbai.

    • 16 May 2019
  • World Bank boss vows to expose hidden debt

    The new president of the World Bank used one of his first public speeches this week to call for comprehensive transparency over countries’ “hidden” debt burdens that make it harder to resolve a financial crisis.

    • 16 May 2019
  • KfW and World Bank shine with landmark SRI bonds

    KfW and the World Bank brought well received socially responsible bonds to the market this week that set new landmarks for the public sector borrowers.

    • 16 May 2019
  • EIB debuts climate bond in zloty

    The European Investment Bank (EIB) has moved its new Climate Awareness Bond (CAB) documentation beyond the eurozone with the sale of a Polish zloty bond to a single Japanese investor.

    • 16 May 2019
  • World Bank taps bumper Kangaroo

    Kangaroo investors filled their pouches to the brim with a bumper World Bank tap on Wednesday. The supranational reopened its February 2024 Kangaroo to print the largest Aussie dollar tap in the SSA market since 2016.

    • 16 May 2019
  • Sfil set to sell first euro benchmark of the year

    Société de Financement Local (SFIL) has picked banks to sell its first benchmark in euros this year.

    • 16 May 2019
  • JBIC and British Columbia quench dollar thirst

    Japan Bank of International Co-operation and the Municipal Finance Authority of British Columbia gave investors more ways to invest their stacks of dollars on Thursday, though syndicate bankers say the pent up demand for bonds in the currency is still far from satiated.

    • 16 May 2019
  • Dutch government registers green investors ahead of debut

    The Dutch government is preparing to issue its first green bond next week, and has introduced a new feature to the market: investors can register as accredited green bond investors to receive preferential allocations.

    • 16 May 2019
  • Kenya tightens pricing on twin trancher

    Kenya hit screens on Wednesday with a dual tranche bond. Investors said initial price thoughts looked generous and so the leads were able to cut the yield by more than had been expected during execution.

    • 16 May 2019
  • FMO prints rare Honduran lempira linker

    The Netherlands Development Finance Company (FMO) on Wednesday printed a rare Honduran lempira linked-note. Meanwhile, the International Finance Corporation (IFC) has made its Cambodian riel debut.

    • 16 May 2019
  • Investors snap up Thai Exim for diversity bond play

    The Export-Import Bank of Thailand played to investors’ need for diversity on Wednesday, marketing a $300m-capped transaction at a very tight rate.

    • 16 May 2019
  • KfW grows greens with biggest ever sale

    Investors proved they were able to digest KfW's largest green bond yet on Tuesday. Deals in the billions of euros are set to become the norm for the Issuer as it looks to size its green trades closer to its conventional benchmarks.

    • 15 May 2019
  • NIB prices flat, JBIC lines up for in-demand dollars

    Nordic Investment Bank funding officials considered printing its $1bn bond this week inside its curve before deciding against the ruse in order to support secondary trading, with Japan Bank of International Co-operation next in line to test the vast demand for five year dollar bonds.

    • 15 May 2019
  • Asset manager urges UK to sell green Gilts

    A director for responsible investment at a large asset manager has written to the CEO of the UK Debt Management Office pleading the case for the country to start issuing green bonds, as recommended by a government inquiry last year.

    • 15 May 2019
  • Investors weigh up risk of Turkey missile controversy

    Investors appear to be split over whether or not Turkey will follow through with its proposed purchase of a Russian S-400 missile system, in the face of likely sanctions from the US if it does.

    • 15 May 2019
  • Kenya leaves 'juice on the table' with new twin trancher

    The Republic of Kenya has released initial price guidance for its latest bond issue, which two emerging markets bond investors deemed generous.

    • 15 May 2019
  • Gilt safe haven status at risk if cross-party Brexit talks fail, says portfolio manager

    UK government bonds could lose some of their stature as a risk-free investment and start to be treated more like credit products in the event that no breakthrough is made in Brexit negotiations, according to one portfolio manager.

    • 15 May 2019
  • UK DMO hauls in £4.75bn

    The UK Debt Management Office (DMO) started its 2019/20 funding year with a bang on Tuesday, selling a six and a half times subscribed issue.

    • 14 May 2019
  • World Bank prices through euro curve with 10 year return

    The World Bank sold its first 10 year euro benchmark since 2009 on Tuesday, with the supranational going slightly through its own curve on its return, according to onlooking SSA bankers.

    • 14 May 2019
  • NIB shows five year dollars still a slam dunk

    The Nordic Investment Bank’s $1bn no-grow five year passed easily through the market on Tuesday. Syndicate bankers away from the trade said the market is so receptive that any top tier dollar trade at that maturity is going to succeed.

    • 14 May 2019
  • KfW readies its biggest ever green bond

    KfW picked banks on Tuesday to lead its largest ever green bond. The deal will come from its recently updated green framework, which includes funding for energy efficiency projects, in addition to the renewable energy sector in Germany.

    • 14 May 2019
  • NIB and FMO ride surging dollar wave

    Dollars burst into life on Monday with Nordic Investment Bank (NIB) and FMO opening books, as bankers away from the deals point to the ‘EIB effect’ in making the market too hot to resist.

    • 13 May 2019
  • Paris preps curve extension

    City of Paris mandated banks on Monday for a new 20 year bond that will extend its curve to 2039.

    • 13 May 2019
  • Ireland ‘committed to diversifying issuance’, looking to add benchmark linker

    Ireland is focused on broadening its approach to bond issuance, and will look to sell its first benchmark inflation-linked trade "in the coming years', following its successful second privately-placed linker in March.

    • 13 May 2019
  • KfW to ramp up green bond supply

    KfW aims to boost its issuance of green bonds after updating its programme to include funding for energy efficiency projects, in addition to the renewable energy sector in Germany.

    • 13 May 2019
  • IFC prints inaugural Cambodian riel-linked note

    The International Finance Corporation printed the first offshore Cambodian riel-linked note last week. The bond’s proceeds will go towards the creation of a local capital market in Cambodia and the expansion of local currency lending in the country.

    • 13 May 2019
  • Funding scorecard: supranationals

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

    • 10 May 2019
  • World Bank GBP1.25bn FRN May 24

    • 10 May 2019
  • Philippines adds euros to coffers after hiatus

    The Republic of the Philippines returned to the euro bond market on Thursday, after a more than 10 year hiatus.

    • 10 May 2019
  • AIIB USD2.5bn 2.25% May 24

    • 09 May 2019
  • ESM EUR1.5bn 0% Jan 22 tap, EUR1bn 0.5% Mar 29 tap

    • 09 May 2019
  • Ireland EUR4bn 1.50% May 50

    • 09 May 2019
  • EIB USD3bn 2.250% Jun 24

    • 09 May 2019
  • AIIB positioned as a ‘premium supranational’

    The Asian Infrastructure Investment Bank placed itself among the very top supranational names in the capital markets this week when its highly anticipated debut bond was priced in line with the likes of the World Bank and European Investment Bank. AIIB aims to become a regular issuer of debt, issuing across various currencies and structures to build a diversified funding programme.

    • 09 May 2019
  • World Bank builds out Sonia curve

    The World Bank printed its second Sonia linked note on Wednesday as part of efforts to build its Sonia curve. The supranational has now sold over £2.5bn of Sonia paper across two benchmark bonds since September 2018.

    • 09 May 2019
  • Learning Curve: An index — the cure for Sonia calculation headaches

    As UK loan, bond and derivative market participants work to the deadline of December 31, 2021 to stop using Libor, one of the biggest hurdles is how to calculate the new reference rate: Sonia.

    • 09 May 2019
  • Ireland wins record demand for 30 year syndication

    Ireland set a new order book record when it issued a curve-extending long 30 year bond on Thursday.

    • 09 May 2019
  • People moves in brief — May 9, 2019

    Schlesinger leaves Santander – New responsibilities for Ross – Soc Gen shuffles markets top brass

    • 09 May 2019
  • AIIB debut priced ‘in line’ with top supras

    The Asian Infrastructure Investment Bank (AIIB) positioned itself among the very highest credits on Thursday with its capital markets debut, selling a five year global dollar benchmark bond that bankers said was priced similarly to top rated supranational debt from issuers like the World Bank and the European Investment Bank.

    • 09 May 2019
  • Istanbul election rerun ‘prolongs recession and erodes credibility’

    The Turkish lira this week tumbled to levels it had not seen since last October’s economic crisis after Turkey’s electoral commission (YSK) annulled the results of Istanbul’s municipal elections that had been won by the opposition. Investors said they are concerned that economic reforms will be put on hold and are worried that higher interest rates will prolong the country’s recession.

    • 09 May 2019
  • Hong Kong grows green market with dollar bond

    The Hong Kong government is meeting with international investors this week in an effort to court attention for its debut green bond. The transaction has been expected for more than a year, with Hong Kong and green enthusiasts hoping that a sovereign deal can launch the city as a hub for sustainable financing. Morgan Davis reports.

    • 09 May 2019
  • EIB planning to launch new development bank

    The European Investment Bank is preparing to launch a new entity — potentially called the European Bank for Sustainable Development — that will focus on sustainable projects outside the EU, GlobalCapital understands.

    • 09 May 2019
  • French bid to widen EU green Taxonomy received well

    The attempt by France to broaden the European Union’s proposed Taxonomy of Sustainable Economic Activities away from the “green niche” has made a good start. Financial officials from all the EU governments discussed the idea on Tuesday, with many member states being “very supportive”, according to sources close to the situation.

    • 09 May 2019
  • EBRD’s Africa push met with scorn in Sarajevo

    Plans by the EBRD to enter sub-Saharan Africa have been criticised by delegates at the annual meeting for taking on more responsibilities at a time when they have not completed their tasks in their original areas of operation

    • 08 May 2019
  • EIB makes ‘amazing’ five year dollar outing

    The European Investment Bank enjoyed stellar demand for a $3bn five year deal on Wednesday, with lack of competing supply encouraging investors to turn out in droves, despite the skinny premium on offer.

    • 08 May 2019
  • NRW.Bank to sell first benchmark under new insolvency ruling

    NRW.Bank mandated banks on Wednesday for a 10 year euro bond, in what is the agency’s first benchmark since rules were changed to allow the bank to be dissolved by law only.

    • 08 May 2019
  • Santander’s head of continental European PP origination departs

    Santander’s head of continental European private placement origination has left the bank after nearly 13 years with the firm, but only the last five months in that role.

    • 08 May 2019
  • New era begins for SSA market as AIIB fires up debut deal

    The Asian Infrastructure Investment Bank (AIIB) has begun a price discovery process for its eagerly awaited inaugural bond, which is expected to be issued on Thursday.

    • 08 May 2019
  • Ross takes on SSA duties at Deutsche

    Deutsche Bank has appointed Frazer Ross as its head of European flow syndicate, adding responsibility for the SSA syndicate business to his existing oversight of the corporate, financials, emerging markets and EMTNs syndicate.

    • 08 May 2019
  • Greece a no-show as market mood darkens

    The souring of trade talks between the US and China has sounded a bum note this week to what Greece had hoped would be a harmonious market in looking to price its benchmark bond. Bankers now believe the sovereign should wait for a better opportunity.

    • 08 May 2019
  • Market eyes EBRD role in cat bonds for western Balkans

    Catastrophe bonds could be a useful tool for countries in the western Balkans to insure against the impact of weather related disasters — especially if bodies such as the EBRD and UN play a role

    • 07 May 2019
  • Ireland picks banks to extend its curve to 31 years

    Ireland appointed banks on Tuesday for its second syndicated bond of the year, which will extend its euro benchmark curve to 2050 (31 years).

    • 07 May 2019
  • EIB returns to dollars after Golden Week, offering NIP

    The European Investment Bank is out with initial price thoughts on a $3bn 2024 bond, offering investors a premium to its bigger five year deal in January.

    • 07 May 2019
  • UK DMO picks tenor for first syndication of year

    The UK Debt Management Office has chosen the tenor for the first syndication of its 2019/20 financial year, which is expected to come in the week commencing May 13.

    • 07 May 2019
  • Hanover mandates for ultra-long Schuldschein

    The City of Hanover is returning to the Schuldschein market with a dual tranche, long dated deal, around a year after it became the first city to issue a green Schuldschein.

    • 07 May 2019
  • ESM prices tight to complete Q2 funding

    The European Stability Mechanism offered very little new issue premium on a pair of taps to wipe out its €2.5bn funding needs for the second quarter in one go.

    • 07 May 2019
  • CDC plans sustainable bond debut

    Caisse des Dépôts et Consignations (CDC) is planning to print its sustainable bond debut later this year, with a second benchmark of 2019 likely to follow shortly.

    • 07 May 2019
  • It’s time for Asian issuers to remember euro bonds

    With South Korea and the Philippines heading to euros for new bond transactions, more issuers from Asia should take courage and consider funding in the needlessly neglected currency.

    • 07 May 2019
  • Hong Kong mandates for long-awaited green bond

    The Hong Kong government is readying its highly anticipated debut green bond, kicking off investor meetings this week.

    • 07 May 2019
  • France, Romania support bolder versions of green Taxonomy

    Financial officials of all the EU governments are meeting in Brussels on Tuesday to discuss whether to broaden the Taxonomy at the heart of the union’s Sustainable Finance Action Plan (SFAP). Some states, led by France, want it to be not just a label for the “green niche” but a guide to wider efforts towards a healthier economy.

    • 07 May 2019
  • Pakistan bonds boosted amid hopes of IMF support

    The Islamic Republic of Pakistan’s sovereign bonds were among the best performers in high yield Asian debt in dollars last week, as the country neared an agreement with the International Monetary Fund (IMF) for a bailout.

    • 06 May 2019
  • Funding scorecard: French agencies

    This week's funding scorecard looks at the progress French agencies have made in their funding programmes so far this year.

    • 03 May 2019
  • UK DMO appoints banks for ultra-long Gilt syndication

    The UK Debt Management Office has mandated four banks for the first Gilt syndication of its 2019/2020 financial year.

    • 03 May 2019
  • NWB USD500m FRN Nov 20

    • 03 May 2019
  • Markets cheer as UK raises hopes of net zero carbon

    The UK’s so far quixotic response to climate change stands a good chance of becoming more serious and organised, after the government welcomed a bold policy report calling for net zero carbon emissions by 2050.

    • 02 May 2019
  • The Fed will copy Europe on climate policy, despite Trump

    While other central banks have started to grapple with climate change, the Federal Reserve has been conspicuous by its absence. But as green shoots begin to emerge in the US, the Fed will not be able to ignore the topic for much longer.

    • 02 May 2019
  • IADB GBP500m 1.25% Dec 25

    • 02 May 2019
  • Greece and ESM to light up euro market

    Greece and the European Stability Mechanism will reinvigorate the euro public sector market next week with benchmark bonds in the short to mid part of the curve, according to bankers.

    • 02 May 2019
  • Empty sterling market proves draw for IADB and EIB

    The Inter-American Development Bank (IADB) and European Investment Bank (EIB) swung by the sterling market this week, as a lack of competitive activity and a favourable basis swap proved to be a strong lure for issuers.

    • 02 May 2019
  • Venezuela crisis sparks new EM sanctions concerns

    Emerging market bankers and investors have been reacting to this week's attempt by the Venezuelan opposition to unseat president Nicolás Maduro, with some worrying that Russia's support for the government once again raises the risk of sanctions against that country.

    • 02 May 2019
  • Argentina bonds, peso hit by political risk

    The risk of a Cristina Fernández de Kirchner winning the presidential election in Argentina has spooked investors, causing the currency to sell off and bond prices to slump. But the weakening economy is bolstering support for president Mauricio Macri’s rivals, causing what investors are calling a “toxic feedback loop”.

    • 02 May 2019
  • AIIB arrives at last with debut bond mandate

    The Asian Infrastructure Investment Bank (AIIB) has mandated banks for its inaugural bond, a five year dollar global benchmark.

    • 02 May 2019
  • ESM likely to target shorter dated deal

    The European Stability Mechanism (ESM) is likely aim for the short to middle part of the euro curve for its first benchmark bond of the second quarter, according to SSA bankers.

    • 02 May 2019
  • NWB goes it alone in dollars

    Nederlandse Waterschapsbank (NWB) acted as an oasis for dollar starved investors on Thursday, with its $500m no-grow floater oversubscribed before US markets opened.

    • 02 May 2019
  • IADB plans Sonia-linker in ‘near future’

    The Inter-American Development Bank (IADB) is looking at issuing a Sonia-linked bond in the “near future”, according to the issuer’s head of funding.

    • 02 May 2019
  • Paraguay's Bioceanico highway consortium hits screens for first deal

    The consortium constructing Paraguay’s portion of the Bioceanico highway, which will connect the Pacific and Atlantic oceans across South America, hit screens on Wednesday announcing a bond to finance construction.

    • 02 May 2019
  • Philippines gets ratings boost from S&P

    S&P upgraded the Philippines’ rating to BBB+ from BBB on April 30, as the sovereign conducted a roadshow for a proposed euro bond.

    • 02 May 2019
  • NWB releases pricing for dollar floater

    Nederlandse Waterschapsbank (NWB) is taking indications of interest for a $500m no-grow 18 month floating rate note on Wednesday, amid an absence of benchmarks business given a spate of global public holidays this week.

    • 01 May 2019
  • Pantheon: UK could issue tax cut Gilts in next downturn

    Amid criticism of the effect of quantitative easing (QE) on asset prices, the Bank of England could buy themed government bonds instead of regular Gilts in the next downturn, according to Samuel Tombs, chief UK economist at Pantheon Macroeconomics. This would be designed to ensure that QE directly helped the economy.

    • 01 May 2019
  • Venezuela turmoil grips Lat Am bonds

    A coup attempt in Venezuela has rekindled hopes among investors that president Nicolás Maduro will cede control to the opposition regime. The development drew the spotlight away from Argentina’s spiralling currency.

    • 01 May 2019
  • Rare hawk sighting expected at BoE

    The Bank of England will publish the minutes of its policy meeting on Thursday, with investors and bank analysts aligned in thinking that a Brexit extension will see a small but noticeable move towards more hawkish language from the bank.

    • 01 May 2019

European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 13,503.69 19 12.05%
2 Citi 11,025.37 16 9.84%
3 HSBC 10,438.07 12 9.31%
4 BNP Paribas 8,371.12 12 7.47%
5 Barclays 7,970.77 10 7.11%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 20,625.37 46 12.48%
2 JPMorgan 17,028.13 38 10.31%
3 Barclays 12,294.11 26 7.44%
4 HSBC 10,936.92 25 6.62%
5 Deutsche Bank 10,542.52 22 6.38%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 27,113.83 53 10.14%
2 HSBC 20,099.65 57 7.52%
3 Credit Agricole CIB 19,324.03 40 7.23%
4 BNP Paribas 18,161.36 34 6.79%
5 Barclays 17,311.25 36 6.47%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 48,170.39 206 7.91%
2 HSBC 40,836.44 143 6.71%
3 Citi 40,186.92 114 6.60%
4 Barclays 35,828.56 113 5.89%
5 Deutsche Bank 29,199.14 83 4.80%