Europe
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Issuers stormed out of the blocks with a set of deals across the curve this week, with factors including an increase in swap spreads on the short end, a positive feeling towards the US market since Janet Yellen’s statements in March and the start of the Japanese fiscal year all credited. -
Though Russian president Vladimir Putin said on Thursday that he does not see Western sanctions being lifted in the near future, strength in the country's debt and the emerging markets more broadly still prompted two Russian bonds from non-sanctioned issuers to be printed this week and a third to announce a roadshow.
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The IPO of VAT Vakuumventile, the first substantial Swiss listing for a year, was “very oversubscribed”, a banker on it said, and was priced at Sfr45 a share, close to the top of the range.
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Republic of Poland laid its euro ghosts to rest on Wednesday with a €750m tap of its January 2036 bonds on what bankers called the best day for emerging market bonds so far this year.
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The primary covered bond market was active this week with as many as seven issuers raising more than €6bn, including the longest deal in over a year and a debut borrower in euros.
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Italy doesn’t mince its words on troubled assets. Loans in danger of becoming non-performing are dubbed ‘incagli’, which means ‘run aground’. When they become the ‘NPLs’ we hear so much about, they are ‘sofferenze’, which simply means suffering.
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China Bonds
Hungary landed a double milestone on Thursday as its first international bond in four years became the first dim sum bond since November 2015. And while the pricing of the deal has drawn criticism, it proved that RMB is a viable option for CEE sovereigns looking to diversify into Asian currencies.
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