Euro
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Execution in the euro SSA market keeps getting better. New issue premiums are sliding as market participants adjust to new yield and spread levels, according to bankers and issuers. -
Expectations for a busy week in the investment grade corporate market were maintained despite only Telefonica taking advantage of good primary conditions on Monday, as it sold a benchmark nine year bond in euros.
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The euro market, despite an increasingly hawkish central bank and strengthening euro, is proving immensely popular with borrowers. A pair of sovereigns hit screens on Monday for euro trades, as did two Nordic agencies.
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Issuers printed a slew of benchmarks in dollars, euros and sterling last week as the SSA market roared into action. Read on to see whether the first deals of the year won favour with our voters.
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European rates markets suffered some volatility this week, but on a smaller scale than that experienced in the US. This did cause some widening of secondary spreads, but the sentiment around primary issuance has stayed constructive.
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Guarantor: Kingdom of Belgium (51.41%), Republic of France (45.59%) and Grand Duchy of Luxembourg (3.00%)
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The euro market has, after a wobble in the first week, adjusted admirably to a new price level and got off to a spectacular start, providing record book sizes and smooth executions across the curve.
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Italy and Portugal showed this week that any concerns about the pace of eurozone quantitative easing halving to €30bn from January were overdone as they each built their largest ever benchmark books. Italy’s trade was particularly notable, as it was the last syndication by its retiring head of funding — and market stalwart — Maria Cannata.
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