Barclays
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A series of oversubscribed deals among core issuers could encourage Austria to seek a print in the current market.
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The Slovak Republic sold its €1bn 15 year bond on Thursday in what proved another lesson for bond syndicates in how inaccurate CEE sovereign secondary curves can be as a measure of where to price new bonds.
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Portugal equalled its largest ever benchmark size with a visit to the 10 year part of the curve on Thursday, taking the week’s overall sovereign euro issuance to a record high.
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Portugal equalled its largest ever benchmark size with a visit to the 10 year part of the curve on Thursday, taking the week’s overall sovereign euro issuance to a record high. -
FIG issuance ground to a halt on Thursday as borrowers paused to reflect on weak secondary trading and a global sell-off in equities, leaving Dexia Crédit Local alone in the market.
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The Slovak Republic has firmed price guidance for its 15 year bond to 38bp over mid-swaps, with the book size standing at more than €800m.
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Korea Midland Power Co (Komipo) bagged $300m from new 5.5 year notes that were four times subscribed on January 13. The Aa2/AA-/AA- rated borrower offered investors something of a safe haven play amid the recent volatility, with strong demand allowing the issuer to print the new bond with little premium.
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The Slovak Republic has mandated three banks for a Reg S 15 year public benchmark. It added that it will wait until the second quarter of the year at the earliest to tap the private placement market.
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Belgium has scored the second bumper sovereign trade of the week, building one of its largest books in several years to print a 10 year euro benchmark that enjoyed strong participation from beyond Europe.
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The Japan Bank for International Cooperation priced a 10 year benchmark while the Province of Ontario placed a three year bond on Wednesday. Both issuers impressed bankers away from the trades, coming as they did amid difficult conditions.
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Anheuser-Busch InBev has brought its jumbo acquisition financing to the US corporate bond market on Wednesday, after days of speculation over when it would arrive. But that did not deter Telecom Italia and Mondelez from issuing in the European market.
