Euro
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Portugal’s bond yields fell to levels last seen in early September, as investor worries eased over a vital ratings review of the sovereign by DBRS this Friday. -
The long end will stay very much in vogue for euro issuers next week — which SSA bankers are predicting could be the last big window of issuance for the year.
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Spain has auctioned 50 year debt for the first time, wiping more than 80bp from its cost of funds compared with when it first syndicated the paper nearly six months ago.
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The World Bank on Tuesday sold its longest dated euro syndication and its biggest single issue in the currency in nearly three years, as SSA bankers hoped that other Washington DC-based supranationals could look at the currency.
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Euro issuance this week is very much focused on long dated bonds, with Bank Nederlandse Gemeenten printing a 20 year syndication on Monday and other European agencies and sovereigns looking to tap the long end of the curve via auctions.
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Italy showed that not every investor’s fingers were burned by the sudden sell-off of its debut 50 year benchmark last week, as it printed its largest private placement in over 18 months on Monday.
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Guarantor: Financial Market Stabilisation Fund of the Federal Republic of Germany
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A sell-off in eurozone government debt last week, over rumours that the European Central Bank might start tapering its quantitative easing programme, may have helped issuers bring more shorter dated deals in euros this week than have been possible for months — but some issuers are wary that more volatility could be ahead.
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Unilever’s attempt to raise prices on goods it sells to UK supermarkets would not have covered all of its costs from the recent depreciation of sterling, a Unilever executive has told GlobalCapital.
