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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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Five years on from the depths of the financial crisis, Germany’s Mittelstand has transformed the way it finances itself, embracing the bond markets and changing the way it works with its bank lenders. Nina Flitman reviews the evolution of the sector, and looks ahead to what its next steps may be.
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Despite the improving economic environment in the US and Europe reducing the momentum of the flight to quality supranationals enjoyed during the eurozone sovereign debt crisis, the issuers are still meeting strong demand this year. The recovery brings a fresh set of opportunities — and some challenges — for this sector.
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Norway’s Kommunalbanken is set to print its first euro benchmark bond this week, after mandating a group of banks on Monday for a €1bn no-grow five year deal.
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The Autonomous Community of Galicia is set to print its first syndicated bond for four years this week, after mandating banks for a seven year euro benchmark on Monday.
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The second visit by a non-European supranational to the euro benchmark market since the euro/dollar basis swap neared parity late last year could encourage its peers to print in the currency over the coming weeks. The Asian Development Bank’s debut euro benchmark this week offered more enticing pricing than when the World Bank opened the market late last year — but by printing a larger deal, it was equally if not more impressive in many bankers’ eyes. -
