TD Securities
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The European Union was the sole public sector borrower in the market on Tuesday, reopening its April 2033s in a week that bankers said is likely to be the “last very good window” for issuance before the end of the year. -
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A pair of socially responsible deals from public sector borrowers failed to set the market alight this week. The order books were only marginally oversubscribed and the spreads did not tighten from the initial price thoughts.
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The European Investment Bank this week brought its first dollar floating rate note linked to the Secured Overnight Financing Rate (Sofr) — the likely replacement for dollar Libor — and set two landmarks for the fledgling benchmark. But one of those, on the coupon calculation, truly sets it apart from the other Sofr FRNs to come so far. As Craig McGlashan reports, it also creates an intriguing market choice as the financial sector prepares for a world without Libor.
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The European Investment Bank changed up the coupon structure for its first floating rate note linked to the Secured Overnight Financing Rate (Sofr) on Wednesday. But some onlooking bankers warned that different coupon structures could be “unhelpful” in the development of the new benchmark.
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The African Development Bank and Nederlandse Waterschapsbank were able to sell a pair of oversubscribed no-grow $500m socially responsible deals on Tuesday, despite tougher market conditions as the end of the year approaches.
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The African Development Bank issued the first green bond linked to the Secured Overnight Financing Rate (Sofr) on Tuesday. The European Investment Bank will look to extend the Sofr floating rate note curve on Wednesday with an October 2021 issue that will use a different coupon formula to the previous Sofr trades.
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The African Development Bank mandated banks on Monday for the first green bond linked to the Secured Overnight Financing Rate, Sofr.
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The Federal State of Brandenburg was oversubscribed for its second ever euro benchmark in the 20 year part of the curve on Tuesday. The deal offered a 2bp concession, according to the leads.
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The SSA dollar market’s resilience in the face of a series of potential headwinds was standing firm this week, with Netherlands Waterschapsbank’s benchmark from late last week tightening while bonds in the euro sector widened.
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The Federal State of Brandenburg mandated banks on Monday for its second ever euro benchmark in the 20 year part of the curve, following its debut in the maturity in 2016.
