Europe
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German automaker Volkswagen sold a Rmb500m ($77m) offshore renminbi (CNH) bond on Thursday, just one-and-a-half months after its last outing in the currency. -
Junk-rated emerging market sovereigns Benin and Oman sold bonds this week, with market participants saying their new issue premiums were minimal. However, bankers think total activity across CEEMEA over the last two weeks has been “underwhelming”.
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This week’s burst of covered bonds was exceptionally well received and boosted supply hopes. But even though the funding was cheap and deal execution certain, the supply outlook remains grim.
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Few deals have ever had €75bn of orders. Spain managed to lose that much, but still have €55bn remaining in the book. This is the world the ECB’s purchase programmes have built.
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After a record breaking year for sovereign bond issuance in central and eastern Europe, 2021 could be a different story, thanks to the European Union's vast economic support packages that could reduce the need for many CEE countries to tap international bond markets.
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A book of more than €55bn for a €10bn bond priced with a new issue premium of 1bp would be a gratifying outcome for any sovereign issuer. But Wednesday's syndication for Spain instead attracted robust criticism over price moves during bookbuilding which derailed what was on course to be the biggest order book in bond market history.
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Barclays has hired Marie Freier as global head of ESG research.
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Tight valuations in euros are making it difficult for banks to impress investors with new senior trades. Issuers may have to pay up or switch focus to other asset classes to make the most of the January market.
