Morning Commentary: EBRD to price global green bonds; Belgium plans $1 billion note offering

By Cristal Cody

Tupelo, Miss., Sept. 28 – The high-grade bond markets opened on Thursday with light activity with financial markets mostly quiet at the start of the day.

The European Bank for Reconstruction and Development (Aaa/AAA/AAA) is in the deal pipeline with a $500 million offering of global green bonds due July 15, 2021. The bonds were initially talked to price in the mid-swaps plus 4 basis points area.

Also on deck, the Kingdom of Belgium (Aa3/AA/AA) is offering $1 billion of notes due Jan. 15, 2020 in a Rule 144A and Regulation S deal on Thursday.

In other action, secondary trading volume has increased over the week. On Wednesday, $23.05 billion of investment-grade issues were traded, compared to $18.8 billion on Tuesday and $13.85 billion on Monday, according to Trace.

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