Barclays
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SSA dollar deals printed this week ground tighter in the secondary market on Thursday, despite the notes coming within a hair’s width of US sovereign debt. -
The hail of issuance in European corporate bonds continued at full pelt on Wednesday as Orange and National Grid joined the fray with multi-tranche deals. Investors and issuers seem equally eager to do business.
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Demand for the Republic of Finland’s latest bond was high on Wednesday as it printed through the ECB deposit rate to sell “the most expensive syndication of all time”, according to a banker on the deal. The five year note came 29.9bp richer than Austria’s previous record holding deal, another five year note sold in June.
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SSA issuers were out in the dollar market with $7bn of new bonds on Wednesday, though the biggest of the deals highlighted how price sensitive investors were in a world where some yield curves have inverted.
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Europe's corporate bond market opened emphatically for business on Tuesday, as seven issuers banished all memories of the summer holiday. Despite there being plenty of choice for investors, demand was high across the board. Multiple deals were two to three times oversubscribed, while the largest, a €3.5bn four trancher from Siemens, the machinery maker, was nearly 4.5 times covered.
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The dollar SSA market has started the short week on the front foot, with a trio of trades hitting screens on Tuesday.
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The World Bank was one of a bevy of SSA dollar issuers raising a total of $8.4bn this week, with most of the trades indicating that investors coming back from the summer were having to decipher a completely different market to the one they left.
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The World Bank has mandated for its first dollar benchmark of its fiscal year, as the issuer starts hacking away at its up to $60bn funding programme for the year.
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The dollar SSA market was ablaze on Tuesday, with five deals on screen offering small new issue premiums and gaining chunky demand across the maturity curve.
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Alastair Blackman, formerly a top media investment banker at Deutsche Bank, will be developing relationships with the heads of UK firms on behalf of Barclays from next month.
