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First Canadian province to visit euros in 2026
◆ Cautious start after spreads moved around ◆ KfW's spread tightens, but Länder unmoved ◆ ‘Real’ Länder-KfW spread yet to be established
German sovereign goes for conventional over green as smaller peers join a crowded Tuesday
Primary market shows strength but pockets of weakness a reminder that ‘1bp could make all the difference’
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Madrid hit the market with a 10 year sustainable bond on Tuesday, raising €1.25bn at its tightest ever spread to the Spanish sovereign, selling into its largest ever book.
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By opening up its debut social bond to retail investors, Munich highlighted an often overlooked strength of the socially responsible investment (SRI) market. Distributed correctly, these funding tools demonstrate the true impact of ethical investing.
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Two public sector borrowers hit screens with new issues on Monday, with Belgium choosing a 20 year and Madrid opting for a 10 year sustainable bond.
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The UK Municipal Bonds Agency has chosen a syndicate of three banks to arrange a series of investors meetings starting on Tuesday for its first bond, a five year Sonia-linked floater for Lancashire County Council.
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Ontario printed a first green bond off its domestic medium term note programme this week, and the deal was over six times covered. Demand for green provincial paper is high, with Ontario coming a week after neighbouring Quebec.
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Société du Grand Paris hoovered up strong demand this week to sell the longest ever public syndicated green bond. The French agency was joined by three other public sector borrowers in raising socially responsible bonds this week, including the first European city to issue a social-labelled bond.