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Nine banks chosen to run £1.5bn borrowing programme
◆ Too sensitive to push spread ◆ Value against peers estimated ◆ 'Tight, but no surprise'
◆ Island region prices €500m sustainable 10 year ◆ Spread tightened 5bp from guidance after book grew ◆ Banker away from deal sees no congestion drag
◆ Rhineland-Palatinate's ISB pays a slim premium to print ◆ No-grow deal fully subscribed despite thinned-out market ◆ Brandenburg's ILB lines up three year
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The region of Madrid and the European Investment Bank are both marketing seven year euro deals, with the former preparing the first green labelled bond by a Spanish government entity. Elsewhere in the euro public sector bond market, Ontario Teachers’ Finance Trust is moving forward with its first bond in the currency. -
Madrid is preparing to sell its first green labelled bond as early as next week, expanding on its established reputation as a sustainable bond issuer.
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The prices of Western Canada Select and West Texas Intermediate dropped below zero during trading on Monday, spelling trouble for issuers in the already underperforming Norwegian krone and Canadian dollar.
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Italy mandated banks for a new five year to be sold alongside a tap of a September 2050 bond on Monday as it prepares to bolt on a bigger funding programme in order to fund its effort against the coronavirus pandemic. The sovereign will be joined by Luxembourg in the euro public sector bond market on Tuesday.
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The Province of Alberta is preparing for a bigger borrowing programme to counter the impact of the global oil crisis and the coronavirus pandemic.
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Agence Française de Développement (AFD) was the latest public sector agency to head to the euro market this week as it raised €1.5bn on Wednesday with a 10 year benchmark. While the deal was fully subscribed, the order book was not huge and the pricing did not tighten from guidance, indicating that the market may be slowing.
