Bank of America
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Conditions for public sector dollar issuers held firm this week after an excellent start to the year, although deals were thinner on the ground thanks to a US Federal Open Market Committee meeting. Chinese New Year holidays next week will give the sector a much needed breather — after which three-years might move more into vogue than fives, said SSA bankers. -
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There was another scorching start to the year for eurozone sovereigns this week with yet more records dropping as Belgium took its largest ever number of orders and Austria sold its biggest ever deal from its largest ever book. But it was the nature of the successes — Belgium with a long dated trade and Austria the most expensive 10 year of the year so far — that really caught the eye.
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Greece’s impressive return to the public bond markets this week has set the perfect backdrop for further syndication in 2019, which bankers say could be a 10 year, a maturity it has not tested since its 2014 post-bailout comeback. The big bid for eurozone periphery debt could also see Greek and Italian banks sell covered bonds in the near future, according to market participants. Burhan Khadbai and Bill Thornhill report.
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Several public sector borrowers tapped the socially responsible investment (SRI) market this week, with more deals expected in February, before what many analysts expect will be a record year for the asset class.
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Harley Davidson made heavy weather of strong US bond market conditions on Thursday after a dovish Fed and a month-long rally in spreads appeared to set the dollar market up for a strong run of issuance in February.
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Chinese electric car company Nio made a splash in the US convertible bond market this week, raising $650m from its debut issuance and using a call spread feature to engineer a tasty premium. Jonathan Breen reports.
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Kommunalbanken took advantage of being the sole SSA issuer in dollars on Tuesday as it was more than twice subscribed and tightened pricing on its first dollar benchmark of the year. Concerns over volatility from this week’s US Federal Open Market Committee meeting and non-farm payrolls kept some other issuers on the sidelines, said SSA bankers — although two are braving Wednesday’s market.
