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The yield curve is less inverted but it brings no relief to duration fiends [ABSTRACT FROM AUTHOR]

Yield curve inversion too steep, putting long tenors out of reach [ABSTRACT FROM AUTHOR]

◆ PSHypo's 15 year note in demand ◆ Investors undeterred by flat yield curve ◆ Cantonal bank slips in and out in 40 minutes [ABSTRACT FROM AUTHOR]

◆ Bigger bid for longer tranche surprises those eyeing inverted yield curve ◆ Why long dated FIG bonds are outperforming ◆ Issuer's remaining funding plan outlined [ABSTRACT FROM AUTHOR]

Issuer's choice to go short and play yield curve made deals a great success, even without the European Central Bank's order [ABSTRACT FROM AUTHOR]

Spreads in the SSA and covered bond markets were well supported on Tuesday but an inverted yield curve is a cause for concern, suggesting the long end will remain vulnerable [ABSTRACT FROM AUTHOR]

Incentives to buy longer deals from ING and Sparebank Vest were less obvious [ABSTRACT FROM AUTHOR]

Inverted US Treasury yield curve warrants caution, despite healthy consumer data [ABSTRACT FROM AUTHOR]

ECB doesn't need to mess with yield curve control to protect the eurozone [ABSTRACT FROM AUTHOR]

More Dutch success in 20 year covered bond market with yield curve "as flat as a pancake" [ABSTRACT FROM AUTHOR]

The timing of the transaction also allowed us to price the deal before the US CPI data release. B Rating: b Aa3/AA/AA B Amount: b £7bn Reg S only B Maturity: b 31 January, 2039 B Issue/reoffer price: b 100.625 B Coupon: b 1.125% B Spread at reoffer: b 8.5bp over the December 2038 Gilt B Launch date: b Tuesday, July 13 B Payment date: b July 14 B Joint books: b Bank of America, Citi, Lloyds Bank, Santander, UBS B Borrower's comment: b We felt this transaction went really well. That really vindicates the strength of the transaction's performance and the appropriateness of the pricing. [Extracted from the article]

The New Development Bank sold a Rmb5bn ($767m) Panda bond aligned to the United Nations' Sustainable Development Goals this week. The deal, expected to help mitigate the impact of Covid-19 on the Chinese economy, was priced flat to China Development Bank's yield curve, and saw solid demand from international investors. Addison Gong reports. [ABSTRACT FROM AUTHOR]

The back up in yields made this part of the curve a bit more attractive. Rating:Aa1/AAA/AAA Amount:€2bn Reg S only Maturity:15 December, 2026 Issue/reoffer price:102.126 Coupon:0% Spread at reoffer:mid-swaps minus 11bp; 23bp over the August 2026 Bund Launched: Monday, March 8 Payment date:March 15 Joint books:BNP Paribas, Citi, HSBC Borrower's comment: Given we had already completed the funding for the European Financial Stability Facility (EFSF) in the first quarter of 2021, the only issuer left with funding still due was ESM for €2bn. Geographical distribution Euro area 55% UK and Switzerland 17% Rest of Europe 13% Asia 10% Middle East and Africa 5% Distribution by investor type Banks 40% Fund managers 32% Central banks, governments and sovereign wealth funds 26% Insurance and pension funds 1% Others 1% Market appraisal: "...the sell-off has made the short end a bit more appealing. [Extracted from the article]

B Rating: b Aa2/ - /AA B Amount: b $750m senior unsecured bond B Maturity: b 10 February, 2026 B Issue/reoffer price: b 100.00 B Coupon: b 1.260% B Spread at reoffer: b 69bp over mid-swaps B Launched: b Wednesday, February 3 B Payment date: b 10 February B Joint books: b Bank of America, China Construction Bank, Citi, Emirates NBD Capital, Maybank, Nomura, Standard Chartered B Borrower's comment: b In line with Apicorp's funding strategy, we remain committed to being a regular benchmark-size issuer. This is important for both us and our investors for two primary reasons - establishing a yield curve on the one hand, and ensuring the liquidity of our paper in the secondaries on the other - both of which are criteria valued by SSA investors. In parallel, we will continue to examine our liquidity position and our balance sheet growth plans to ensure that our funding strategy is suitably aligned. [Extracted from the article]

Standard Chartered and Crédit Agricole jumped into the long end of the yield curve on Tuesday, as the pair looked to harness the desire for long-dated dollar debt. [ABSTRACT FROM AUTHOR]

A flurry of emerging market deals on Tuesday were proof, according to bankers, that bond investors are moving down the credit curve. The Hashemite Kingdom of Jordan launched a senior unsecured dollar benchmark, while Sibur, the Russian investment grade petrochemical company, was also set to finalise a dollar deal on Tuesday afternoon. [ABSTRACT FROM AUTHOR]

Just one week after selling $1.25bn of bonds, Belarus's yield curve has widened as protests hit the country. [ABSTRACT FROM AUTHOR]

Austria returned to the 100 year part of the curve — a tenor it has made its own — receiving its strongest ever order book for the maturity. [ABSTRACT FROM AUTHOR]

Exxon Mobil Corp, the US oil major, launched €4.5bn of bonds on Tuesday to establish a euro curve for the first time. Its dollar bonds came under selling pressure as investors looked to swap into the cheaper debt. [ABSTRACT FROM AUTHOR]

Exxon Mobil, the US oil major, is due to establish a bond curve in euros for the first time, as it continues building up cash as the hydrocarbons industry is pummelled by the coronavirus pandemic. [ABSTRACT FROM AUTHOR]

Nexa Resources, the mining arm of Brazilian conglomerate Votorantim, issued $500m of 10 year bonds on Monday, offering a healthy concession to its existing curve and seeing its new bond catch a broader rally on the break. [ABSTRACT FROM AUTHOR]

Enexis, the Dutch electricity and gas grid and energy services group, issued its debut green bond on Wednesday and printed the €500m issue through its secondary curve, as a strong rally in utility debt pushes demand into regulated names. [ABSTRACT FROM AUTHOR]

Kommunalbanken is looking to take advantage of the hot demand in the long end of the dollar curve, while the Inter-American Development Bank has chosen a more common maturity in the belly of the curve. [ABSTRACT FROM AUTHOR]

A rise in long-dated US Treasury yields will likely keep demand strong for 10 year dollar public sector bonds, said SSA bankers. [ABSTRACT FROM AUTHOR]

The European Commission's latest bond led to the issuer's curve tightening — a good omen, given it is the first since the issuer announced its steeper funding requirement. [ABSTRACT FROM AUTHOR]

Chinese property developer Kaisa Group Holdings reset the price for all of its bonds on Wednesday when it sold a $300m sub-one year note. [ABSTRACT FROM AUTHOR]

Bank Nederlandse Gemeenten scored a 10 year dollar benchmark bond on Wednesday — its first at the tenor for four years. A fellow European issuer hit the short end of the dollar curve. [ABSTRACT FROM AUTHOR]

On a busy day for corporate bond issues, with prestigious competing deals including from Nestlé, Swisscom is nevertheless hogging attention with its debut green bond, which comes alongside another green debut, for power networks group Eurogrid. [ABSTRACT FROM AUTHOR]

New issue premiums evaporated in the high grade corporate bond market on Wednesday, with multiple issuers printing well through their curve as the world begins to emerge from pandemic lockdown. [ABSTRACT FROM AUTHOR]

New issue premiums evaporated in the high grade corporate bond market this week, with multiple issuers printing well through their curve as the world begins to emerge from pandemic lockdown. [ABSTRACT FROM AUTHOR]

The SSA market appears to be well and truly up and running, with four SSA borrowers hitting screens for new bonds in euros on Thursday, pulling in an impressive €11.5bn with deals from three to 30 years [ABSTRACT FROM AUTHOR]

Siemens, the German machinery group, paid an average yield of 0.12% for €4bn of debt spread over three to 12 year maturities this week, as investors leapt at the chance to snap up highly rated corporate debt. [ABSTRACT FROM AUTHOR]

Intermediate Capital Group, the UK alternative asset manager rated BBB by Fitch, is in the market for a seven year euro bond on Tuesday, according to two bankers away from the deal. [ABSTRACT FROM AUTHOR]

Acea, the Italian multi-utility, issued a long nine year euro bond on Wednesday, stretching out its curve by around a year. [ABSTRACT FROM AUTHOR]

Turkey lender TSKB printed its $400m five year senior bond on Wednesday inside its own curve. The sale drew a $3.9bn book, allowing a big tightening from initial guidance to pricing. Following the clear success of the deal, other Turkish banks are expected to follow, starting with Isbank which was straight in with its own subordinated bond on Thursday. [ABSTRACT FROM AUTHOR]

The dollar SSA bond market, unfettered by geopolitical volatility, enjoyed an excellent week, although it is still lagging behind the euro market in terms of overall supply. [ABSTRACT FROM AUTHOR]

Indonesian real estate developer Lippo Karawaci played to investors' need for diversification away from China, when it raised $325m from a 2025 bond sale. [ABSTRACT FROM AUTHOR]

Crédit Agricole EUR1.25bn 0.875% Jan 32 senior B Rating b : Aa3/A+/A+ B Amount b : €1.25bn of non-preferred senior paper B Maturity b : 14 January, 2032 B Issue/reoffer price b : 99.559 B Coupon b : 0.875% B Spread at reoffer b : mid-swaps plus 70bp B Launched b : January 7 B Payment date b : January 14 B Sole books b : Crédit Agricole B Market appraisal: b "...Crédit Agricole paid close to zero for their new issue concession. "...[the deal] began at mid-swaps plus 90bp, which suggests that the issuer started with a chunky premium for this curve extension deal. [Extracted from the article]

E.On, the German power company, hit the short end of its bond curve on Tuesday, launching a €500m no-grow 2.8 year deal on a tricky day for the wider markets. [ABSTRACT FROM AUTHOR]

Mediobanca was looking to sell its second six year senior bond of 2019 on Monday, revealing its preference for deals in the belly of the maturity curve. [ABSTRACT FROM AUTHOR]

The Kingdom of Morocco achieved savage price traction on its €1bn 12 year trade on Thursday, bringing in the yield on the trade by 40bp, to 1.6% and extending its curve. [ABSTRACT FROM AUTHOR]

The Arab Republic of Egypt pulled in $14.5bn of demand for its $2bn triple tranche bond deal on Wednesday, in a trade that was priced well inside the sovereign's curve. [ABSTRACT FROM AUTHOR]

All maturities are open for deals in the euro market, thanks to a widening in benchmark spreads over the past few weeks. SSA issuers are taking advantage of the conditions by issuing in a range of tenors. [ABSTRACT FROM AUTHOR]

National Express printed a £250m nine year bond at what looks like a zero concession to its curve on Wednesday, overcoming some sharp moves in the Gilt market. [ABSTRACT FROM AUTHOR]

The covered bond market remained on strong form on Monday. Austria's Volksbank Wien extended its covered bond curve with its second ever transaction which was priced flat to fair value. The transaction is expected to be followed shortly with a deal from HVB, the German subsidiary of UniCredit. [ABSTRACT FROM AUTHOR]

China Huarong Asset Management Co managed to achieve aggressive pricing for its latest $1bn dual-tranche transaction. [ABSTRACT FROM AUTHOR]

Santander Consumer Finance (SCF) had plenty of momentum in its order book as it looked to extend its maturity curve in the preferred senior bond market on Wednesday. [ABSTRACT FROM AUTHOR]

In a further illustration of the spread tightening underway in covered bonds, Deutsche Apotheker-und Aerztebank (Dapo) priced a 10 year inside its curve. At the same time Raiffeisenlandesbank Vorarlberg followed DZ Bank into the 15 year tenor to give a tempting reoffer yield of almost 50bp. [ABSTRACT FROM AUTHOR]

Berlin Hyp on Monday launched its first preferred senior bond in green format. The German issuer chose a 10 year maturity and quickly attracted orders, supported by an investor community that follows the bank's frequent green issuance. [ABSTRACT FROM AUTHOR]