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Top Section/Bond comments/Ad
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◆ Issuer returns to EuGB label ◆ €4bn trade bigger than last year's debut ◆ 'Very positive' and 'very successful' exercise
◆ Deal lands near Renten and ESM records ◆ Volatile swap spreads during pricing ◆ Favourable demand dynamics
◆ Issuer already raised €7bn in January ◆ More advanced funding progress than last year ◆ Textbook approach to pricing
Issuance across euros and dollars is set to rise
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After four years of the US government noisily refusing to protect humanity from climate change and pushing back on responsible investing, sustainable finance supporters are full of hope that Joe Biden’s presidency will shift the US — and the world — in the right direction. Jon Hay reports -
Public sector borrowing has been the backbone of the global economy’s response to the unprecedented economic and humanitarian disaster of Covid-19. Sovereigns, supranationals, agencies and regions rose to the new challenge, displaying more ingenuity and ambition than ever in their selection of market, format, currency and tenor and producing some truly spectacular deals. Borrowers throughout the SSA class had to adjust their funding programmes after the first quarter — many to double or even treble their requirements. Contending with inflated funding needs, as well as a market beset by severe dislocations, required unusual flexibility and creativity. Amid all that, SSA borrowers managed not simply to raise the sums required, but to push forward market attitudes to SRI debt and to new risk-free-rates products.
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Foreign central bank action sparked arbitrage opportunities in Swiss francs to shrink in 2020, so investors took a more domestic approach. As foreign issuance dries up, so too do Swissie mandates for international desks. Frank Jackman reports.
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In the not so distant past, financial markets looked upon the dollar as the safe haven. But in 2020, the US currency’s very status as the default choice in times of trouble worked against it. Looking ahead, issuers may not be so keen to rely on it when times get tough. Lewis McLellan reports.
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The EU began its evolution in 2020 in becoming one of the largest issuers in the capital markets. While it was plain sailing for the first few deals, there are bigger tests ahead in 2021, with the EU’s borrowing set to balloon even further in size. Burhan Khadbai reports.
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The pandemic led to an astonishing surge in the issuance of social bonds this year. But for it to develop further, there needs to be a dedicated investor base, a more diverse range of issuers and a clear understanding of what is meant by social finance. Burhan Khadbai reports.
