Morning Commentary: Lietuvos Energija sells €300 million green bonds; market quiet

By Rebecca Melvin

New York, July 3 – State-owned Lithuanian utility Lietuvos Energija UAB launched and priced €300 million 1 7/8% 10-year green bonds on Tuesday, which was otherwise a quiet session ahead of an early market close in the United States ahead of the Independence Day holiday, which will keep U.S. markets closed on Wednesday.

The Vilnius-based company’s bond is its second green bond and was issued off of its euro medium-term notes program. It priced at a solid new issue premium over the sovereign, according to a market source.

Otherwise, emerging markets debt was seen very quiet, with low trading as market players eyed the early stock market close in New York at 1 p.m. ET.

“I don’t think we are going to hear anything until Thursday at the earliest,” a New York-based market source said.

On Thursday the market will watch the release of the minutes from the Federal Open Market Committee’s June meeting to provide further indications on the pace of U.S. monetary tightening.

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