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Taxonomy alignment grows, making EuGB label possible
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
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Read on to see how selected benchmarks are faring in secondary. Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data. -
The future is bright for Kangaroo bonds. Australia’s local public sector borrowers are preparing to reduce their issuance programmes and the spreads on their bonds are moving in as a result. The competition is shrinking, so it’s time for SSAs to have a good look at the Kangaroo market.
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British Columbia breezed through its Kangaroo debut on Friday, a combination of rarity and a juicy spread over supranational issuers drawing attention from both domestic and international investors. Syndicate bankers are predicting an increase in domestic participation in Kangaroo trades, with issuance from Australian public sector entities likely to tail off.
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Regional governments are expected to increase their sale of green bonds in the coming months, according to bankers, taking an opportunity to diversify their investor bases. Stockholm County Council sold its first green debt this week and was rewarded with an increase in international distribution.
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The Province of British Columbia will make its Kangaroo debut on Friday, drawing strong demand from investors. The deal will round off a hot week for issuance for Kangaroos, during which the Asian Development Bank sold the largest such deal from a sovereign, supranational or agency in almost three years.
