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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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Demand for SSA bonds in the euro market appears to be weakening but bankers are confident it will not prevent a deal for the European Union going ahead next week, even if the level cheapens. -
Dutch agencies were active in core currency MTN markets earlier this week, including FMO, which sold its first currency-linked bond for almost a year.
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Bart Van Dooren, head of funding and investor relations at Bank Nederlandse Gemeenten, will be retiring in January.
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Two SSA borrowers landed in the euro bond market on Wednesday while a third lined up business for next week. Issuers may still be achieving good results but bankers believe conditions are turning bad.
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The debate over whether SSA borrowers should pay less in underwriting fees has split the market since the EU told banks it would pay less than the standard rate for its €800bn Next Gen EU bond programme. It is "the only topic" under discussion, one senior SSA banker told GlobalCapital this week. Is it fair to pay banks less when central banks underpin the market, or will issuers jeopardise their position long-term? Here, we present arguments for an against a shake-up of the way banks are paid.
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Some bankers believe that the EU’s decision to unveil a new grid of lower syndication fees was unnecessarily disruptive, and that, if too many other SSA issuers follow suit, it could put at risk the level of competition among dealers.
