Cbonds Global

2021-03-10 09:55:34 US Treasury Securities

Yield Curve

UST 2Y YTM:
0.17% ( 0 bp)
UST 5Y YTM:
0.83% ( 3 bp)
UST 10Y YTM:
1.55% ( 4 bp)
UST 30Y YTM:
2.26% ( 5 bp)

On Tuesday, US Treasury yields slid from recent tops as investors bought back bonds in a sell-off. Yesterday's auction of $58 billion in 3Y notes was well received. Action Economics: “The relatively solid 3-year sale brought a big sigh of relief to the Treasury market and yields are moving back down to or near their richest levels of the day”. Open / Comment

2021-03-09 17:11:12 Largest EM issues of March 5

Issue | Volume

United Arab Emirates
Mamoura Diversified Global Holding, 0.375% 10mar2027, EUR | 600 mln
Initial issue price (yield): 99.953%
Bookrunner: Abu Dhabi Commercial Bank, BNP Paribas, Citigroup, First Abu Dhabi Bank, ING Bank, JP Morgan, Morgan Stanley, Standard Chartered Bank
Depository: Clearstream Banking S.A., Euroclear Bank

Mamoura Diversified Global Holding, 1% 10mar2034, EUR | 500 mln
Initial issue price (yield): 99.095%
Bookrunner: Abu Dhabi Commercial Bank, BNP Paribas, Citigroup, First Abu Dhabi Bank, ING Bank, JP Morgan, Morgan Stanley, Standard Chartered Bank
Depository: Clearstream Banking S.A., Euroclear Bank

China
Jian Chengtou Holding Group, 4.5% 12mar2024, USD | 270 mln
The purpose of placing: Working Capital. Refinance.
Listing: Hong Kong S.E.
Bookrunner: Bank of China, Bank of Communications, CITIC Securities International, CNCB Capital, Guotai Junan Securities, Guoyuan Asset Management (HK), Industrial Bank, Shenwan Hongyuan Group
Depository: Clearstream Banking S.A., Euroclear Bank

BOND SEARCH Open / Comment

2021-03-09 15:46:01 Upcoming issue

Issuer: APA Group (-/-/-)

Issue description: 8Y and 12Y euro bonds and a 15Y GBP bonds 

Currency: EUR and GBP 

Date: the bookrunners were mandated on March 8, the deal is expected soon 

Volume: benchmark size 

Bookrunners and Lead Managers: BNP Paribas, Citi, HSBC and JP Morgan Open / Comment

2021-03-09 13:58:41 Upcoming issue

Issuer: Leeds Building Society (A3/-/A-)

Issue description: 6Y non-call five non-preferred senior bonds

Currency: GBP 

Date: investor calls started on March 8, the deal is expected later this week 

Aim: to refinance outstanding 2.625% 1apr2021, EUR bonds and reshape its balance sheet for the minimum requirements for own funds and eligible liabilities (MREL) 

Bookrunners and Lead Managers: BNP Paribas, HSBC, NatWest Markets, Nomura and UBS Open / Comment

2021-03-09 13:53:27 Upcoming issue

Issuer: Intesa Sanpaolo (Baa1/BBB/-)

Issue description: preferred senior green bonds 

Currency: EUR 

Date: investor calls were held on Monday, March 8, the deal is expected later this week 

Aim: proceeds from the sale will be channeled towards green building projects, in line with the issuer’s green, social and sustainability bond framework 

Bookrunners and Lead Managers: Barclays, BBVA, Credit Agricole, Intesa Sanpaolo, ING and NatWest Market Open / Comment

2021-03-09 13:48:20 Upcoming issue

Issuer: Volksbank Wien (Baa1/-/-) 

Issue description: 5Y non-preferred senior bonds 

Currency: EUR 

Date: the deal was announced on Friday, March 5, and is expected this week 

Volume: benchmark size 

Bookrunners and Lead Managers: Barclays, Credit Agricole, Erste Group, DZ Bank and Raiffeisen Bank Open / Comment

2021-03-09 09:42:18 US Treasury Securities

Yield Curve

UST 2Y YTM:
0.17% ( 3 bp)
UST 5Y YTM:
0.86% ( 7 bp)
UST 10Y YTM:
1.59% ( 3 bp)
UST 30Y YTM:
2.31% ( 3 bp)

On Monday, US Treasury yields increased on the news that the Democratic-held House plans to pass the stimulus bill today. Mr. Biden is anticipated to sign it before March 14.

UST 10Y YTM is at the high of February 14, 2020. Open / Comment

2021-03-08 11:53:35 Rating Actions in Foreign Currency on March 5, 2021

Moody's:
affirmed Estonia's 'A1' rating with a stable outlook.

S&P Global Ratings:
lowered rating on Kenya to 'B' from 'B+' on rising fiscal and external pressures; raised the outlook to stable;
lowered rating on Montenegro to 'B' from 'B+' on weaker fiscal and balance-of-payments positions; raised the outlook to stable;
affirmed Kazakhstan 'BBB-' rating with a stable outlook;
affirmed Cyprus 'BBB-' rating with a stable outlook.

Fitch Ratings:
affirmed Dominican Republic's 'BB-' rating with a negative outlook. Open / Comment

2021-03-08 10:03:40 Upcoming issue

Issuer: Credit Agricole Italia 

Issue description: Reg S inaugural green covered bonds 

Currency: EUR 

Date: lead bookrunner was mandated to arrange investor calls on Friday, March 5, the deal is expected soon 

Volume: €500 mln no-grow 

Aim: the proceeds from the bond will finance new and existing loans for residential buildings that are among the top 15% most carbon efficient in Italy 

Bookrunners and Lead Managers: Credit Agricole as green structuring advisor and lead bookrunner, the rest of the syndicate not yet announced Open / Comment

2021-03-08 09:47:32 US Treasury Securities

Yield Curve

UST 2Y YTM:
0.14% ( 0 bp)
UST 5Y YTM:
0.79% ( 2 bp)
UST 10Y YTM:
1.56% ( 2 bp)
UST 30Y YTM:
2.28% ( 2 bp)

On Friday, UST 10Y YTM jumped to the highest level in a year after the February jobs report hit expectations. The NFP figure topped 379K (vs. 182K expected). Open / Comment