Deutsche Bank
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Public sector dollar issuance has had a slower start to the year than usual — in part because of super strong conditions in other currencies — but SSA bankers are confident the strength of the deals that did come this week will boost the pipeline. -
Credito Emiliano this week issued the first Obbligazioni Bancarie Garantite of the year, sending a strong signal to issuers struggling to fund in the senior market. The Italian bank followed Deutsche Bank SA which issued the first Spanish deal of 2019.
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There has been precious little cheer in the dollar market but Anheuser Busch Inbev (AB InBev) provided some on Thursday when it printed the biggest corporate investment grade trade since October amid signs of improving sentiment.
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After waiting nearly a month, US engineering firm Emerson Electric on Tuesday landed the dual tranche deal it roadshowed in December. The €1bn dual tranche offering was a good deal in its own right, but could also herald the return of the Reverse Yankee market in 2019.
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The public sector euro market’s thundering start to the year stayed noisy on Thursday as a quartet of smaller issuers from across the continent printed oversubscribed deals.
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Telecom Italia attracted €4.5bn of orders on Tuesday, which was no mean feat, having to contend with a €4bn four-tranche Orange deal in the market on the same day, but also the uncertainty surrounding the Italian government and its budget hanging over the country’s economy. This, combined with the company’s Ba1/BB+/BBB- ratings, meant it had to offer what research house CreditSights saw as a 90bp premium to its secondary curve for the new 5.25 year deal.
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Sterling issuance from non-UK public sector borrowers has made by far its strongest ever start to a calendar year, with borrowers and bankers citing liquidity-laden investors and a crucial parliamentary vote on Brexit next week as factors behind the rush. Council of Europe Development Bank (CEB) and FMS Wertmanagement added to the feast on Thursday, while Inter-American Development Bank will bring yet another trade this Friday.
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Turkey made its first capital markets foray of the year with a $2bn bond issue on Wednesday. But bankers were divided on the deal's success.
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Public sector borrowers might switch some of their attention away from a rampant euro market towards dollars, said SSA bankers, after the Inter-American Development Bank and Caisse des Dépôts et Consignations brought strong trades in the currency on Wednesday.
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Appetite for eurozone sovereigns is showing no signs of slowing down after Ireland and Portugal joined Belgium this week in scoring their largest ever syndication order books. Several other borrowers sold euro trades on Wednesday, with more supply expected this week as the pipeline has “accelerated” ahead of next week’s parliamentary vote on the UK’s Brexit deal.
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The European Bank for Reconstruction and Development on Wednesday became the third public sector borrower to issue an inaugural Sonia-linked bond in 2019, with the deal marking the borrower’s largest sterling bond to date.
