Euro
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CPPIB Capital made a strong return to the 10 year part of the euro curve on Wednesday, with a book over two times covered and a new issue premium of just 1bp. Bremen also hit the euro market, selling €500m of 30 year paper through its curve. -
Two SSA borrowers hit screens on Tuesday to announce benchmark bonds. Deal flow in the SSA market has slowed after the January rush, but borrowers are still keeping investors busy with a regular flow of deals.
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Hamburger Hochbahn, a government owned public transport operator in Hamburg, is set to make its bond market debut this week, launching itself as a regular bond issuer.
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Unlike its last syndication in January, when Spain lost over €75bn of orders after an aggressive move in pricing, the sovereign took a more cautious approach on its return to the public market this week to print its biggest ever 50 year bond.
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Italian prime minister-designate Mario Draghi must walk a knife-edge if he is to form a government and present a national recovery and resilience plan. If he takes too hard a line the mill of Italian politics will chew him up and spit him out. If he is too quick to compromise, the EU’s life as a giant bond issuer may be shorter than hoped.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, February 8. The source for secondary trading levels is ICE Data Services.
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After taking an aggressive approach for its last syndication in January which resulted in a shocking loss of over €75bn of orders, Spain returned to a more moderate and conventional pricing process as it came to the market for a new 50 year bond on Tuesday.
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Relief swept through secondary bond markets when Mario Draghi agreed to form a new government to steer Italy through the pandemic. But he must tread a narrow and treacherous path if he is to succeed and primary capital markets are to feel any lasting benefits. As Lewis McLellan and Tyler Davies report, next week will show whether Thursday’s burst of optimism was justified.
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The possibility that former ECB chief Mario Draghi may become the next Italian prime minister has caused excitement among bond market participants and a sharp rally in risky assets.
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Cyprus attracted sold demand when it hit the market for a new five euro benchmark on Tuesday. The trade was priced with a positive yield – a rarity for a eurozone sovereign bond in this part of the curve.
