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◆ Debut seven year priced through issuer's dollar curve, leads say ◆ Green label and no-grow size steady IFC through selloff ◆ Rival banker questions wisdom of July inaugural
◆ 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
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Hugh Hendry, the outspoken founder of former macro hedge fund Eclectica Asset Management, told GlobalCapital he sees no evidence for the re-emergence of global macro as a broad and viable investment strategy. Were volatility to rise again, Hendry says he may well get back into the financial fray but the likelihood of that is vanishingly slim. -
Österreichische Kontrollbank (ÖKB) kept up the strong momentum from European public sector borrowers in the dollar market on Thursday with a well received five year deal which priced through its own curve.
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Two public sector borrowers managed to get euro deals done in the primary market ahead of the European Central Bank’s governing council meeting on Thursday, with World Bank issuing its biggest ever bond in euros longer than 10 years and Hamburg comfortably crossing the line despite an embarrassing start to the execution process.
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The World Bank has selected a trio of banks for a new 15 year Sustainable Development Bond (SDB), its first euro benchmark of its 2020/21 fiscal year. Elsewhere, the Republic of Korea scooped €700m with its return to the euro market after a six year absence.
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The EIB kicked off the post-Labor Day SSA dollar market on Wednesday with a five year deal, it's third of the year. Oesterreichische Kontrollbank (OeKB) is set to follow, having mandated for its second five year dollar deal of the year.
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French agency Caisse des Dépôts et Consignations is planning to round off its 2020 funding through private placements. It was last active in the market at the end of last week, selling a long dated callable bond to an investor hunting for a yield pick-up versus Bunds.
