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◆ EDC prints tightest US dollar deal from a Canadian this year ◆ Tight spread to US Treasuries 'looks good for Canada risk' ◆ World Bank mandates seven year dollar floater
◆ EDC had originally considered last week for dollar deal ◆ Favourable dollar funding could tempt European SSAs ◆ Five year tenor safer option
◆ Curve inversion 'vividly' debated for 15 year print ◆ 'Structural shortage' of French agency paper ◆ Prefunding under consideration ahead of 2027 French political risk
◆ IFC's first green dollar benchmark since 2017 breaks US Treasury spread record ◆ Green investors made 4bp tightening possible ◆ Third of IFC funding comes from MTNs
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An unusual note of optimism defines the attitude of Europe’s public sector issuers as they approach 2020. While many other markets are beset by fears of a slowdown in global growth, trade wars, and Brexit, SSA borrowers are confident in their borrowing strategies and loyal investor bases. Despite a change of face in the ECB’s top job, rates are still set to remain low for the foreseeable future. Accordingly, investors are having to grit their teeth to stomach the scanty yields on offer for euro SSA assets. Although SSAs are offering little in the way of yield, their place as pioneers of the evolving SRI market always ensures lively debate. In this roundtable, held in early November, market participants on both the buyside and the sell side favoured a more holistic assessment of issuers’ ESG profiles, rather than relying on labelled assets, but whether or not the ECB should take a role in promoting the SRI market through “green QE” divided the group.
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US food group General Mills sold €200m of short dated notes on Wednesday, in its first sole-led deal since 2017. -
The euro public sector bond market kicked off in style this week as investors put cash to work following a lack of supply in the fourth quarter of 2019, fuelling record book sizes and minimal concessions.
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The sterling bond market, usually buoyant enough at the start of a year, got a Brexit boost this week, allowing public sector borrowers and financial institutions to take full advantage. Investors piled into deals following greater clarity on the UK’s looming exit from the EU but before possible volatility around the January 31 departure date. Burhan Khadbai and David Freitas report.
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The public sector debt market has had a superb start to 2020, breaking records right and left in defiance of geopolitical tensions that, in previous years, would have scuppered the market as it left the dock, writes Lewis McLellan.
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Catastrophe bonds issued by the World Bank have been positive for both investors and the countries receiving protection from the securities, according to one market veteran. The organisation’s activity in insurance-linked securities has been highly innovative but has also received criticism from some quarters.
