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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 European Union sent banks a request for proposals on Thursday to fund a maturity lengthening operation for Portugal and Ireland under its European Financial Stabilisation Mechanism (EFSM) programme. More sovereigns could also enter the market -
The European Investment Bank has become the latest SSA issuer to tap the offshore renminbi (CNH) market, pricing its inaugural Climate Awareness Bond in the currency this week.
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The SSA dollar bond market sprang into life this week with a slew of impressive deals. With swap spreads yawning wider at the short end and a fairly flat curve to five years, borrowers could soon be issuing sub-Libor deals in the belly of the curve.
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KfW and CPPIB Capital achieved super tight pricings in the short end of the US dollar market on Thursday, with the former bringing the first deal with a negative spread to mid-swaps in the currency by a public sector borrower this year.
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The Council of Europe Development Bank hit the market for €500m on Thursday, with a pricey bond carrying a social inclusion bond label. On the same day, Andalucia sold its first ever sustainability bond.
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KfW hit the market with an impressive green bond this week, raising a record €4bn of eight year paper and paying only 1bp of new issue concession to do so.
