Goldman Sachs
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Last week’s tightly priced bond issue by KfW has inspired a slew of issuers to print three year dollar notes this week, a banker said. The Asian Development Bank was first off the blocks on Tuesday with a new benchmark, and Export Development Canada and Erste Abwicklungsanstalt are set to follow. -
The UK Debt Management Office (DMO) issued its 60th syndicated bond on Tuesday and signalled a “smooth” start to the second quarter of its 2019–20 financial year, as it printed an inflation-linked tap that was eight times oversubscribed.
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Investors piled into euro trades from Italy and the European Financial Stability Facility on Tuesday, with around €25.5bn of demand for the names as more issuers line up.
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Shimao Property Holdings and China Overseas Land and Investment took advantage of a strong market backdrop and renewed investor interest in duration to price seven and 10 year bonds, respectively.
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Corporate bond issuance in Europe has slowed, though demand remains strong, as evidenced by new issues on Monday for A2A, the Italian multi-utility, with a debut green bond, and Logicor, the warehouses group. Bankers expect appetite to remain steady but for the pace of issuance to be more sedate than in recent weeks.
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Italy has hired banks to tap its 2.8% March 2067 BTPs, as the week's supply of long term euro debt shows little sign of abating.
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Sovereign, supranational and agency borrowers have started the week with a bang, and syndicate bankers say they do not expect any slowdown of issuance in the coming days.
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Israel sees long dated issuance as an important part of its ‘strategic issuance plan’, according to sources in its Ministry of Finance. Last week, the sovereign returned to the market for a second time in 2019 to extend its euro curve by 20 years, placing its first ever 50 year note through a private placement
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HK bans Leissner for life over 1MDB scandal – BofA names new Apac IB co-head – CS nabs equity research head – Nomura loses senior Malaysia banker – New appointments at Goldman
