TD Securities

French agency Caisse des Dépôts et Consignations (CDC) hit screens on Monday afternoon with its second ever sustainability bond, following its debut in the format last year.

The summer slowdown finally arrived in the US corporate bond market this week, with just a handful of issuers showing up before September's season truly begins — bringing what is expected to be a bumper crop of deals.

A trio of European SSAs raised a combined $6bn with five year dollar benchmarks this week. Kommunalbanken, the European Stability Mechanism and Nordic Investment Bank all hit a “very deep pocket” of demand in the tenor.

The European Stability Mechanism hit dollar the market on Wednesday with a five year benchmark — its fourth ever in the currency. Two Nordic issuers are set to follow suit on Thursday.

The European Investment Bank gave the flagging volumes in the non-UK sterling SSA market a boost on Friday, bringing the first ever Sonia floating rate note linked to the Bank of England’s new compounded Sonia index.

The dollar corporate bond market skipped the summer slowdown this year. This week Royalty Pharma issued its first bond as a public company and pushed August's total issuance above $100bn for the first time ever.

International Finance Corp sold the first Kauri bond in more than two months on Thursday, while in the Kangaroo market a pair of European agencies tapped a pocket of demand further down the curve.

Public sector borrowers found themselves in a tricky position as they returned to the primary euro market this week as they attempted to strike a balance between current secondary levels and where the market is heading with the arrival of the European Union’s giant borrowing programme from September.

The European Investment Bank mandated banks on Thursday for the first Sonia floating rate note linked to the Bank of England’s new compounded Sonia index which was launched earlier this month.

The primary euro public sector bond market continued its busy week on Thursday with KfW and KommuneKredit issuing new 10 and 20 year deals, respectively.

After KfW mandated banks on Wednesday to join the 10 year euro flurry, the question on the minds of market participants is at what level the Germany agency will choose to start at with such a wide differential between relative and fair value.

The European Investment Bank will re-open the euro public sector bond new issue market for the last funding period of the year. Further issuers are expected to appear this week, trying to get in before the European Union’s giant borrowing programme begins.