Europe
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International Bank of Azerbaijan’s Eurobonds took a hammering this week as investors’ hopes of escaping a debt restructuring without a haircut dimmed. -
The week commencing May 8 brought a wave of public sector borrowing. The victory of Emmanuel Macron in the French presidential election caused a wave of relief and signalled a blazing green light for issuance. See how the deals fared on GC BondMarker.
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A swirl of allegations surrounding US president Donald Trump this week added a rally in US Treasuries to already tightening dollar swap spread, creating an uncertain environment for public sector issuers considering dollar deals next week.
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Guarantor: Swedish local government members
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FIG issuers have been accelerating their funding plans to cram new deals into a wide open primary market following the French presidential election. After the rally ran out of steam in the middle of this week, market participants were divided about how soon supply could pick up pace again.
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The European Financial Stability Facility blindsided investors this week, printing €6bn of 16 year paper despite having completed its second quarter funding requirements, stretching the tolerance of its €10.8bn book in the opinion of some onlookers.
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The UK drew its largest ever book on Tuesday, taking care of nearly a quarter of its overall syndication programme for the 2017-18 financial year in the process. The deal was particularly impressive given the volatile political backdrop in the UK, said a banker on the trade.
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UniCredit, HSBC and BBVA opened books on new additional tier one (AT1) bonds this week, as banks took advantage of extremely supportive primary market conditions to bolster their stocks of debt capital.
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Some of the UK’s major borrowers, especially in the utility sector, are preparing for a future without European Investment Bank funding, as the supranational’s lending in the UK is set to be caught up in fraught Brexit negotiations.
