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Pair bring first public non-bank deals from GCC since the start of the Iran War
Investor tells GlobalCapital it liked the portfolio’s diversity, data depth and sustainability impact
Bank’s €1bn transaction is most granular so far and found new buyers
◆ Eurofima made rare visit to euro four year conventional curve ◆ New issue premium estimated ◆ Region Wallonne grabs solid order book
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The World Bank has printed the longest ever bond with a coupon linked to the Secured Overnight Financing Rate (Sofr), edging the market towards settling the debate about how to calculate coupons based on the benchmark rate. -
The European Investment Bank set two records in the sterling bond market this week. The supranational issued the largest ever single tranche socially responsible bond in sterling across any sector, which took supranational and agency supply in the currency to an all-time annual high — even though it’s only August.
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New Development Bank, the supranational set up in 2015 by the Brics nations, is building a diverse funding programme, which includes local currency, dollar and green bonds. Leslie Maasdorp, chief financial officer of the NDB, spoke to GlobalCapital this week about the bank’s plans to become a regular and diversified borrower in the capital markets.
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Investors in rates products are focussed on central bank monetary policy this week, with some still convinced that the US Federal Reserve could come in more dovish than expected with a 50bp cut to rates.
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Populism and economic change are melting down old idols. When the next crisis comes, new fiscal and monetary tools will be used — including helicopter money.
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Supranational issuers have had a wide variety of options for funding this year. A strong dollar market has offered plenty of chances to fund in size, while some dollar funders have returned to euros thanks to a favourable basis swap. Bank treasuries shoring up on Sonia assets have helped push sterling issuance to record levels, while markets as diverse as the Norwegian krone and Turkish lira have also found homes for supranational paper. The Sofr market in dollars has also started to develop, although unlike its sterling risk-free rate cousin Sonia, standards on rate calculation are yet to be agreed. GlobalCapital brought together funding officials at some of the world’s highest rated borrowers to discuss these topics and more.
