SSAR

摘要

The euro SSA market tone improved following the previous week's challenging conditions, resulting in an inaugural green dual-tranche transaction from ILE DE FRANCE MOBILITES (IdF) and a sustainable offering from CAISSE DES DEPOTS ET CONSIGNATIONS (CDC) that received strong responses last Tuesday, with ample demand allowing the issuers to tighten pricing significantly. The EUROPEAN UNION was also able to achieve a sizeable spread-tightening during execution for a tap of its 15-year benchmark from its macro-financial assistance programme. "It was definitely more tricky last week, but since last Friday [May 21] it feels like the market is stabilising on the rates side," said a banker. The improvement can be attributed in part to positive economic data released from Germany, with the Ifo business climate index for the month of May hitting a two-year high, in addition to a long weekend across Europe due to a public holiday on Monday, according to a second banker.