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Secondary market selling of private bonds may be wreaking havoc with the primary market for public debt but the trades were still the right thing to do
Sovereign's $3bn deal tightens well as Asian demand returns
The sovereign's public and private bonds of similar maturities are trading over 25bp apart
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The price for Raiffeisen Bank International (RBI) additional tier one (AT1) bonds has tumbled this week, as investors fret over over incoming US sanctions against Russia. -
The investment grade corporate bond market has seen a “steady and sensible” start to April according to one investor as it attempts to stabilise following a volatile run through February and March.
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Covered bonds issued by Swedish Covered Bond Corp and Overseas Chinese Banking Corp on Wednesday were thinly oversubscribed though investor preference was clearly slanted towards the most defensive five year Swedish offering.
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Panic selling has hit the Russia bond complex with investors dumping securities as they race to reduce their exposure to the country for fear of further sanctions.
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Two Middle Eastern issuers were on track to price sukuk on Wednesday, but Saudi Arabia’s jumbo $11bn bond has cast a shadow over Sharjah Islamic Bank’s trade and led to decreased demand from outside of the region, according to a Dubai-based banker on that deal.
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The Kingdom of Saudi Arabia printed its $11bn bond on Tuesday, which several bankers and investors thought had been timed to maximise disruption of Qatar’s return to market, which is also expected this week. But leads said the modest size taken by Saudi from a $50bn book showed that there was no intention of throwing the capital markets into disarray.
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