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◆ Steep government curve means investors need less spread on top ◆ French spreads widen, but AFD tightens ◆ Fair value 'a fluid concept' on inverted curve
◆ Early order book built before Middle East risk returned ◆ Seven year spread held steady as 'insurance' against volatility ◆ Format chosen to avoid straining 'finite pool of liquidity'
◆ Issuer brings another pre-summer deal to fund enlarged programme ◆ Tightening possible despite weakened backdrop ◆ Book not huge but quality 'extremely high', spreads 'decent' to KfW and Land NRW
◆ Issuer has only €2bn left to fund this year ◆ US-Iran war and French election news weigh on sentiment ◆ Curve widens, NIP hard to pin down
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The detailed rules for the EU Taxonomy of Sustainable Economic Activities look set to come into force, as the European Commission published them on Wednesday, after weeks of intense lobbying and negotiation that had raised the prospect of them being delayed again. Gas will not enter the Taxonomy for now and will be dealt with in separate legislation, but nuclear power could enter the Taxonomy later this year, alarming greens. -
Germany’s Federal Constitutional Court said on Wednesday that it will not block the ratification of how the EU finances its budget, meaning the bloc will likely be able to start borrowing to fund its pandemic recovery fund in July.
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The New Development Bank is planning to issue most of its future bonds in a green, social or sustainable format as part of its commitment to sustainable finance, according to Leslie Maasdorp, NDB’s chief financial officer. Asian Infrastructure Investment Bank announced its own sustainable development bond framework this week.
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Harassment allegations at institutions with social and environmental purposes, from schools to public sector banks, are sobering reminders that ethical investment is not only about how borrowers spend investors’ money: ESG investing should catalyse cultural change across the financial industry. But this will be a long and difficult fight.
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Despite a wave of supply last week, the dollar bond market seems poised for another strong session with a jumbo outing from the European Investment Bank on Tuesday and several borrowers lining up for Wednesday.
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Hectic negotiations and lobbying are going on at the European Commission about the Taxonomy of Sustainable Economic Activities, in the last day before it is due to publish the detailed rules. Key countries including Germany have changed their positions, GlobalCapital can reveal, while supporters of gas and nuclear power are digging in. Battlelines are now being drawn over the timing.
