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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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The European Stability Mechanism has received its first ever credit rating from Standard & Poor’s to complete its set of top notch grades from the three major credit rating agencies. -
World Bank has printed a $700m bond linked to the Secured Overnight Financing Rate (Sofr) with a seven year maturity — the longest ever Sofr-linked bond from an SSA borrower.
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Kommunalbanken has raised its borrowing requirement for the year back to its initial target as a result of a strong performance in the Norwegian Krone over the summer.
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The euro/dollar cross-currency basis swap has moved back in favour of euro issuance for the first time in three months, but with a wall of euro supply looming, the favourable level may not be enough to entice issuers away from the dollar market.
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The Inter-American Development Bank (IADB) broke the silence in the SSA market with a Canadian dollar sustainable development bond. The deal shared the market with a dollar trade from Kommuninvest, with both issuers steering clear of the almost dormant euro market.
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A technical issue around data submission meant that the euro area short term rate (€STR) did not have enough data to be calculated in the usual way on Tuesday morning, forcing the ECB to use its contingency method.
