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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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Bpifrance has announced a euro benchmark, following in the footsteps of two other French issuers that came to market this week. -
Asfinag, the Austrian state-owned agency that manages the country's motorways, had the euro market to itself on Wednesday. A cheap starting point earned the borrower a huge order book for the €500m bond.
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Emirati state-owned Mamoura Diversified Global Holding returned to the MTN market this week to sell its first private placement since its parents’ merger in 2017.
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Hedge funds have taken a lot of heat for their role in inflating order books and flexing spreads, only to flip out and take profits at the first opportunity. But despite the awkward and at times antagonistic presence of such funds, issuers are coming to learn that they are probably better off having them in the order book than not.
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Three public sector issuers hit the market with euro deals on Tuesday, but each opted to raise €500m or less. Their success could embolden Land NRW to return with its deal, but the market has yet to be tested by an issuer of its class.
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Despite having made a successful debut in the Sofr market this month, Nordic Investment Bank is still facing technical challenges when it comes to supporting products based on risk-free rates.
