Cbonds Global

2021-02-24 15:14:33 Upcoming issue

Issuer: Baden-Wurttemberg (Aaa/AA+/-)

Issue description: debut green bonds

Currency: EUR

Date: global investor calls will be arranged on Thursday and Friday, February 25-26, the deal will follow, subject to market conditions

Volume: €300 mln

Aim: to refinance ecologically sustainable projects

Bookrunners and Lead Managers: Credit Agricole, HSBC, LBBW and UniCredit Open / Comment

2021-02-24 15:12:36 Upcoming issue

Issuer: KommuneKredit (Aaa/AAA/-)

Issue description: 10Y bonds

Currency: EUR

Date: expected to be launched this week

Volume: €1 bn no-grow

Bookrunners and Lead Managers: Deutsche Bank, Natixis, Nomura and Nordea Open / Comment

2021-02-24 14:50:57 Cbonds has started its cooperation with D.F. King to obtain information on public corporate actions in global bond markets

Thanks to this cooperation, Cbonds’ clients will receive timely information on Tender offers, Consent solicitations, Exchange offers and other corporate actions from around the world. This information, including upcoming events, is available on our website in the Corporate Actions section.

D.F. King, the # 1 Global Information and Transaction Agent in 2020, serves over 1,000 clients in 32 countries around the world. They have recently received the “Restructuring of the Year” award from LatinFinance for their work on the restructuring of Argentinean government Eurobonds. D.F. King provides high-quality consulting services on all corporate governance matters, including bondholder identification, information agent services, as well as securing shareholder support by playing a leading role in proxy solicitation and M&A globally. Open / Comment

2021-02-24 14:11:44 Upcoming issue

Issuer: EasyJet (issued through a Dutch subsidiary) (Baa3/BBB-/-)

Issue description: 7Y bonds

Currency: EUR

Date: the bookrunners were mandated on Tuesday, February 23

Volume: benchmark size deal

Bookrunners and Lead Managers: BNP Paribas, Morgan Stanley and Santander Open / Comment

2021-02-24 14:08:42 Upcoming issue

Issuer: Korea Expressway (Aa2/AA/-)

Issue description: 3Y-5Y bonds

Currency: USD

Date: expected in the first half of 2021, likely in May

Volume: benchmark size deal

Bookrunners and Lead Managers: bookrunners have not yet been mandated, but they will be selected soon Open / Comment

2021-02-24 11:11:06 Rating Actions in Foreign Currency on February 23, 2021

Moody's downgraded Tunisia's rating to "B3" with negative outlook.
Reasons: "weakening governance in the face of rising social constraints that increasingly inhibit the government's flexibility to implement fiscal adjustment and public sector reforms that would stabilize and eventually reverse a marked increase in its debt burden." - Moody's report. Open / Comment

2021-02-24 09:39:09 US Treasury Securities

Yield Curve

UST 2Y YTM:
0.11% ( 0 bp)
UST 5Y YTM:
0.59% ( 2 bp)
UST 10Y YTM:
1.37% ( 0 bp)
UST 30Y YTM:
2.21% ( 2 bp)

On Tuesday, U.S. Treasury yields struggled to find a direction after Fed Chair Jerome Powell indicated that the central bank was not moving toward changing its dovish policy stance.

Comment: CNBC Open / Comment

2021-02-23 11:52:52 Rating Actions in Foreign Currency on February 21, 2021

S&P Global Ratings:
Raised New Zealand to 'AA+' as pandemic risks moderate; downgraded an outlook to stable.

Fitch:
Affirmed Australia at 'AAA' with a negative outlook. Open / Comment

2021-02-23 11:34:56 Tomorrow! Cbonds Team invites professionals and private investors to join the seminar «Signs of euphoria in the bond markets» with the leading expert Andreas Bickel, Chief Investment Officer at Blackfort Capital

DATE: February 24, 2021
TIME: 11:00 AM CET
REGISTER HERE!
Participation is free of charge. You will receive an email with a personal link to the seminar following registration.

Andreas Bickel will give his thoughts on signs of euphoria in the bond markets and cover the following topic:
• Improved global growth outlook
• New Biden’s fiscal stimulus
• Fed’s stimulus and inflation
• Rising government bond yields
• Overvaluation of bonds
• Negative yields of IG USD bonds
• Asian corporate non-IG bonds
• Bonds’ choice, timing and new issues.

Join us! Open / Comment

2021-02-23 11:26:00 Upcoming issue

Issuer: SpareBank 1 Ostlandet (Aa3/-/-)

Issue description: 7Y debut senior preferred green bond

Currency: EUR

Date: Investor calls started on Monday, February 22, the placement is subject to market conditions 

Aim: To finance green commercial and residential buildings, renewable energy, clean transportation, and sustainable agriculture, and forestry projects

Bookrunners and Lead Managers: Natixis, Santander, ING, Swedbank, UniCredit Open / Comment