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Revival in overseas demand for French SSA paper
Deal will bring fourth major multilateral development bank to the market
◆ Other options on table but issuer opts for two taps ◆ ‘Huge books’ now a norm for the issuer, clear NIP this time ◆ EU’s curve evolves to resemble that of EGB peers
◆ Tightest level since IFC's three year print ◆ Investors recycle redemptions ◆ Programmatic and pragmatic approach
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The pace at which central banks are accelerating towards skewing monetary policy to support the fight against climate change was brought home this week by a speech by Isabel Schnabel, an executive board member at the European Central Bank, in which she went further than ever before in calling for strong action and hinted at how the ECB might do it.
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There were likely some well earned fist bumps and high fives going on in Brussels this week after the EU inaugurated its Next Generation funding programme with a triumphant €20bn outing. But things won’t always be so smooth for the issuer. -
The European Union stunned onlookers this week with its first deal under its Next Generation EU programme, raising a record-shattering €20bn in a single tranche. Lewis McLellan reports.
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Senior SSA bond market participants have condemned the European Commission’s decision to temporarily exclude 10 of its primary dealers from the Next Generation EU syndication programme due to breaches of European antitrust rules. The Commission’s actions have also raised fears that other European borrowers could follow suit.
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The US Federal Reserve revealed an unexpectedly hawkish tilt in its thinking on Wednesday, bringing forward its first forecasted rate hike to 2023. US Treasury yields jumped on the news but SSA bankers were sure that issuance conditions will be left unspoiled.
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The International Fund for Agricultural Development (IFAD) has released a sustainable development finance framework that will govern the way it uses the money it raises when it enters the bond market.
