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Higher rates from the outbreak of the war have enhanced callable MTNs' yield appeal
◆ Tobias Landström on recent dollar three year trade ◆ Investors keen for short-dated dollar paper ◆ Dollar and euro funding levels have improved
◆ AIIB's Darren Stipe on cementing top tier status ◆ Cross-currency funding changes ◆ AIIB printed around $1bn dollar callables last year
Varied issuance in senior credit this week, including blue and green bonds, as ultra-long vanilla duration returns in SSA private placements
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The Spanish region of Navarre has printed its debut sustainable bond. Navarre is the third Spanish autonomous community, behind Madrid and the Basque Country, to issue a sustainable bond. -
Rare issuer British Columbia returned to the MTN market this week with its first euro paper since January 2017, in two installments. MTN dealers reckon conditions are favourable for Canadian issuers.
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Structured issuance in Formosa format has tumbled amid a wider decline in structured MTN volume year to date, which Dealogic data shows has fallen from $9.98bn across 213 trades at this point in 2018 to $5.08bn across 119 deals this year.
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Low market volatility, a fall in Formosa issuance and the introduction of alternative risk free rates have all led to a sharp decline in structured, callable and floating rate MTN issuance, said MTN bankers.
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BBVA has hired a former MTN banker at Santander as a director in its liability management team.
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Issuers and syndicate desks were split over whether the African Development Bank’s inaugural Norwegian krone bond — the first ever social bond in the Norwegian market — could pave the way for further social issuance in the sector.
