Citi
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While every eurozone country that sold a new syndicated bond this year has received strong demand, Spain outshone them all this week by taking the biggest ever order book in the bloc. -
Wall Street heavyweights piled into the dollar market with a string of tightly-priced preferred share deals, after reporting full-year earnings this week amid FIG supply of $25bn in just four days.
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The dollar SSA bond market, unfettered by geopolitical volatility, enjoyed an excellent week, although it is still lagging behind the euro market in terms of overall supply.
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A triple-A rated supranational and two sovereigns from the eurozone periphery took the opportunity to lock in low rates at the long end this week, amid strong market conditions. SSA bankers expect more supply to follow at this part of the curve over the coming weeks, including from France and potentially Greece.
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The International Development Association (IDA) impressed with its debut sterling bond on Thursday, as it received the largest ever order book for the currency in the SSA market. It also equalled the biggest ever trade in sterling by a non-UK public sector borrower.
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Eni, the Italian oil and gas company, raised €1bn with a bond issue on Thursday, while Quadient, the unrated French postal systems company formerly known as Neopost, continued the run of more esoteric corporate bond issuance.
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Investors chased after a rare $300m Basel III-compliant tier two bond from Indonesia’s Bank Tabungan Negara (BTN) in both primary and secondary markets this week, sending the 12.3 times covered deal tighter in the aftermarket.
