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Green investors buy when everyone else stops, giving issuers one last pricing lever — perhaps to cross a line none of them wants to reach
◆ Scaled-back bank treasuries snap up rare seven year floater ◆ Dollar FRN drought eases as World Bank extends curve ◆ Floater lands inside fixed rate funding levels
◆ New sterling five year lands after BoE Level B upgrade ◆ Dollar FRN 'snowball' as $2bn raised ◆ Callable issuance steady as zero structures cool
◆ 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
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L-Bank’s first dollar benchmark of the year was in keeping with a trend in the currency so far this year for oversubscribed deals with low concessions, as leads calculated a 1bp new issue premium for the deal. -
The International Finance Corp has selected a new vice-president and treasurer to replace Jingdong Hua, who left at the start of the year.
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Nederlandse Waterschapsbank was over three times covered for a 10 year affordable housing bond on Wednesday, allowing it to tighten multiple times during pricing to leave no concession, according to on-looking bankers. Meanwhile, the State of North Rhine-Westphalia has appointed banks to arrange a roadshow in Europe and Asia for a long dated euro sustainability bond.
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The European Court of Auditors (ECA) issued on Tuesday a report criticising several core elements of the European Fund for Strategic Investment (EFSI) — the so-called Juncker investment plan.
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Kommunalbanken took advantage of being the sole SSA issuer in dollars on Tuesday as it was more than twice subscribed and tightened pricing on its first dollar benchmark of the year. Concerns over volatility from this week’s US Federal Open Market Committee meeting and non-farm payrolls kept some other issuers on the sidelines, said SSA bankers — although two are braving Wednesday’s market.
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KfW brought yet another record breaking trade to the SSA market in 2019, printing a five year euro benchmark whose order book volume was an all-time high for the issuer.
