On-looking SSA bankers applauded the European Stability Mechanism’s trade on Tuesday, which managed to get over the line with minimal new issue premium despite sharp moves in the rates market caused by the spread of the Covid-19 coronavirus.
Spain was able to raise €5bn of 30 year paper on Tuesday, braving difficult market conditions to close the deal.
Eurofima, the Swiss-based railway financing agency, has let its head of capital markets go as part of a restructuring.
Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, February 24.
The European Stability Mechanism has requested its primary dealers or ‘market group banks’ to set up entities within the 27 member states of the European Union in order for them to participate in bond auctions by the supranational and its sister issuer, the European Financial Stability Facility.
CPPIB Capital, which mandated banks for a five year benchmark on Friday, has postponed the deal in the face of a hostile market rocked by volatility engendered by the Covid-19 coronavirus outbreak.
Spain has announced another trip to the ultra-long end, electing to come to market in spite of volatility sparked by increased fears around the spread of coronavirus.
Daiwa Capital Markets Europe is changing its senior bond market leadership.
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Spain was able to raise €5bn of 30 year paper on Tuesday, braving difficult market conditions to close the deal. While the trade was a success, the sharp fall in the order book at the final spread indicated some investors are beginning to push back on price.
CPPIB Capital is moving forward with its five year dollar benchmark which was mandated last Friday but postponed following the hostile market conditions at the start of the week. Bankers away from the deal expect it to go well, given the limited size.
Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, February 24. The source for secondary trading levels is ICE Data Services.
A pair of Australian sub-sovereigns have made their debuts in the euro market in recent days. An attractive basis swap helped to encourage issuers to sell into unusually strong demand for long dated euro paper.
Investors who have been longing for the EU Taxonomy of Sustainable Economic Activities to tell them what is green are now realising that its arrival could make life tricky. From the end of next year, they will have to start reporting how sustainable all their portfolios are. It could prove an enormous headache. But a tiny company has developed a tool it claims can cut out a lot of the worries investors face in working out how to comply.
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