TD Securities
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The European Investment Bank won a huge reception from investors for its debut €STR-linked floating rate note (FRN) this week, ignoring concerns about a lack of demand amid negative rates in the euro market. While there is a lack of clarity about calculating €STR bonds’ fair value and on Euribor’s future, public sector borrowers are expected to embrace the risk-free euro rate. -
Investors warmly welcomed the first benchmark €STR-linked floating rate note on Wednesday, brushing aside previous concerns about a lack of demand for euro FRNs as a result of deeply negative rates in the currency.
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NRW.Bank was well subscribed for its inaugural Sonia-linked floating rate note on Tuesday, with the books closing just one hour after opening.
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After mandating banks last week to explore a three year benchmark €STR-linked floating rate note, the European Investment Bank is moving forward with the deal, with initial price thoughts released ahead of an expected launch on Wednesday — the day the rate starts being published by the European Central Bank. However, some market participants have questioned the extent of investor demand for euro FRNs with negative rates commonplace in the currency.
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NRW.Bank has picked a syndicate of three banks to lead its inaugural Sonia-linked floating rate note, as it looks to become the second German agency to issue a public trade in the format.
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Kommuninvest kicked off the dollar market this week with a $1.25bn blowout, despite it being at record tight levels over Treasuries, according to a banker on the deal. Following on from Kommuninvest’s deal, a wide range of SSAs look to print across the curve, including rare issuer IDB Invest with its five year dollar bond debut.
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The Province of British Columbia has weathered volatility from the fallout of last week's meeting of the US Federal Reserve to return to the dollar market for the first time in four years. Another rare SSA issuer, IDB Invest, also plans a return to the dollar market, with investor calls set up for this week ahead of its five year debut.
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L-Bank issued the first ever floating rate note linked to €STR on Thursday, ahead of the European Central Bank’s publication of the recommended new euro risk-free rate on October 2. While it has been beaten in the race to do the first deal, the European Investment Bank has announced plans for what could be the first benchmark sized transaction in the format.
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A legion of lenders has joined London Stock Exchange Group’s $13.5bn bridge loan for its acquisition of data company Refinitiv, as the London exchange fights off a hostile bid from Hong Kong Exchanges and Clearing that could scupper the acquisition.
