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Portugal and KfW lead euro supply with five year as dollar market focuses on second AfDB hybrid
◆ Tightest 10 year Länder bond this year ◆ Big book leads to 4bp spread move ◆ Deal still three times covered, green element was key
◆ One deal was judged ‘relatively tight’... ◆ And the other ‘definitely cheap’... ◆ ... though fair value tough to spot
Issuance recovers from last week’s wobble but concerns linger after issuers like KfW widen
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Economists are sceptical that a mere €21bn can make a difference to Europe’s chronic investment shortage. But those close to the Juncker Plan are convinced it has brought a new urgency to removing barriers to investment. The new European Fund for Strategic Investment will have more freedom — and perhaps more importantly, is charged with reforming Europe’s whole investment culture. By Jon Hay.
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Bonds with an environmental, social or governance theme became very much a mainstream product for public sector borrowers in 2014. From that stable base, the market is ready to expand its reach into more diverse projects and currencies this year as fresh issuers come on board. Craig McGlashan reports.
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The Bank of England has signed a co-operation agreement with the European Central Bank to share clearing house information and boost currency swaps lines, after the ECB lost a court case to try to force euro trades to be cleared in the eurozone.
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BNP Paribas has restructured reporting lines on its syndicate desk, including giving one person responsibility for loans, high yield bonds and leveraged finance. -
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North Rhine-Westphalia has become the first German state to sell a socially responsible bond, pricing its debut sustainability bond flat to its curve.
