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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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New Development Bank will become the first issuer to hit the dollar market this week, announcing a five year benchmark, the proceeds of which will fund sustainable development activities and emergency support loans to its member countries. -
Nederlandse Waterschapsbank was twice covered and paid zero new issue premium as it sold an intraday 30 year water bond on Monday. The European Union will follow into the euro public sector bond market on Tuesday to fund a maturity lengthening operation under its European Financial Stabilisation Mechanism programme.
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DirectBooks, a platform for primary bond issuance initiated by a group of banks, has added the ability to handle euro and sterling deal announcements as well as a new senior member of staff to run its European business.
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If the European Union wants its bonds to be considered the true eurozone safe asset, then it’s going to have to start acting like it means to stick around.
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SSA borrowers flooded into the dollar market this week, bringing forward deals targeted for later in the year to take advantage of the superb conditions.
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The European Commission says it is ready to pull the trigger on Next Generation EU — an €800bn debt programme designed to finance the bloc’s economic recovery from the coronavirus pandemic. Political hurdles remain but from a funding perspective the EU is raring to go. However, market participants warn that even with its colossal funding need, it may not fulfil ambitions of becoming a true eurozone safe asset, writes Lewis McLellan.
