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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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Biodiversity — long overshadowed by climate change as the financial world has started to get to grips with environmental issues — has leapt up the agenda with the launch on Friday of the Taskforce on Nature-related Financial Disclosures. -
The European Commission unveiled the initial funding plan for its €800bn Next Generation EU (NGEU) programme this week. Issuance will begin sooner than expected, as suspicions mount that the ECB will start tapering purchases for its Pandemic Emergency Purchase Programme (Pepp) to fight rising inflation. Burhan Khadbai reports.
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The sovereign, supra and agency sector has seen better buying interest over the past week, but the long end continues to look more vulnerable ahead of the European Central Bank meeting and expected supply.
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Two SSA borrowers sold dollar paper on Thursday. Council of Europe Development Bank achieving the tightest spread to mid-swaps from a public sector borrower this year, breaking a record equalled earlier this week by Asian Development Bank. At the other end of the curve, Inter-American Development Bank made its debut at the 10 year maturity with a deal linked to the Secured Overnight Financing Rate (Sofr).
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KfW sold its first Sonia floating rate note on Wednesday, with the deal pricing at the tightest ever spread for the product in syndicated format.
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The Council of Europe Development bank will come to market on Thursday for a $500m no-grow social inclusion bond maturing in June 2024.
