TD Securities
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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. -
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.
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Duke Energy Corp became the latest US utility to issue green bonds last week, when it priced a $1bn dual tranche offering.
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After a year during which euro issuance from SSAs has far outstripped that in dollars, thanks to the vagaries of the euro/dollar basis swap, a German agency was able to nip in to a funding week shortened by US elections and central bank meetings to score a strong result with its sole dollar benchmark of the year.
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The European Financial Stability Facility finished off its 2018 issuance this week with what was likely the last jumbo euro benchmark of the year. The deal was solid, but SSA bankers warned the euro market feels “tired”.
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Volkswagen printed the biggest trade in its history as high-grade corporate borrowers blitzed the dollar market in response to the results of the US mid-term elections.
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The State of North Rhine-Westphalia rounded out the week’s euro issuance with an oversubscribed 10 year euro deal that was priced 1bp inside guidance.
