Greece
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In this round-up, US president Donald Trump threatened to raise tariffs on China if the phase one deal is not reached, two Republican senators took action to speed up the passing of the Hong Kong Human Rights and Democracy Act and Chinese president Xi Jinping wrapped up a state visit to Greece. -
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Greece returned to the capital markets this week with its fourth syndicated bond of the year as it tapped its 10 year note at a record low yield. Meanwhile, Cyprus is set to go on a global roadshow to plan its funding for 2020.
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Greece and the Province of Québec won strong books in the euro public sector bond market on Tuesday, with the latter returning to the currency for the first time since June 2018. An attractive basis swap for dollar funders to issue in euros has tempted the International Development Association (IDA) out on screens for its first euro benchmark.
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Greece has appointed a syndicate to lead a tap of the 10 year bond it issued earlier this year, in what will be its fourth public transaction of 2019. The trade will be joined in the market by a new 10 year euro benchmark from the Province of Québec.
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Borrowers across the eurozone periphery will have spied a chance to raise capital after deals from Greece and Italy’s Banco di Desio this week.
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Robust demand for this week’s covered bond from Banco di Desio e della Brianza has boosted hopes of further supply from the eurozone periphery. But, with further European Central Bank stimulus on the way, a supply ‘onslaught’ is unlikely.
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Greece took advantage of a significant rally in its government bonds to lock in its lower ever cost of funding on Tuesday.
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Greece picked banks on Monday for its third syndicated bond of the year as the sovereign looks to take advantage of a sharp rally in its yields to fund an early repayment of loans to the International Monetary Fund.
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In the space of just a few weeks, two Greek banks have made their first sales of capital instruments since the financial crisis: Piraeus Bank in June, followed by National Bank of Greece this week. With debt market valuations at all time highs, some market participants say that it is now or never for Europe's weakest financial institutions. David Freitas reports.
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National Bank of Greece showed market participants on Thursday that investors are still ravenous for higher beta products across peripheral Europe. Marketing a tier two bond, the bank attracted demand worth more than four times the final size of its €400m deal.
