Europe
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The Italian transaction may prove a bellwether for other issuers in Europe’s periphery -
A superb outcome for the the five year portion of the deal sharply contrasted with limp interest in the 10 year
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The stock price of the Czech energy company rose 2.4% following the announcement
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Modestly sized deals in intermediate maturities with a fair concession worked well
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SSA issuers went further down the curve as Russia sanctions brought some reprieve to market volatility before the invasion
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Investors can still trade existing Russian debt but this could change if Russia launches full scale invasion of Ukraine
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Soaring tensions in Eastern Europe only strengthen case to turn off money taps sooner
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European corporate deals still expected to come to market, though visibility is poor
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Second tier SSA issuers and covered bonds at the short end of the curve are a ‘screaming buy’ compared govvies, say traders
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Issuers line up euro and dollar deals after KfW blowout
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Practically all deals thrown off course by volatility in anticipation of sanctions after troops enter eastern Ukraine
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German agency sees more than €47bn of demand for €5bn trade
