JP Morgan
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Spain rode out another volatile day in eurozone government bonds to finish up with a healthy €5bn of 15 year paper from an order book nearly treble that size. -
Bahrain has raised $600m with a re-opening of its 2028s, pulling in a $2.6bn book that bodes well for the slew of Gulf Co-operation Council (GCC) sovereigns set to charge into the international bond markets this year.
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Bond buyers showed strong appetite for Russian Railways’ new dollar benchmark on Wednesday morning despite pricing levels seen as tight by sector analysts.
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Spain is set to bring its second benchmark of the year after mandating banks on Tuesday, as the country enjoys a spell of stability compared to some of its eurozone peers and a market that appears to be calming after a volatile start to the week.
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French issuers appear unfazed by political turbulence afflicting their sovereign's curve, with two borrowers in the market this week. Meanwhile, the European Financial Stability Facility sold its largest deal tranche in over 2.5 years.
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Israeli energy company Delek Group has mandated two banks to lead the syndication of a $1.75bn loan which will back its drilling operations in the recently discovered Leviathan natural gas basin in the Mediterranean.
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The European Financial Stability Facility (EFSF) has surprised SSA bankers by returning to the long end with one tranche of a deal it plans to launch on Tuesday.
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Bond spreads now only provide marginal compensation for political risk to investors, JP Morgan said on Monday, with the largest ever outflow from European investment grade retail funds last week.
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Polish energy provider Energa SA is meeting investors this week for its first Polish non-financial corporate bond since June last year, which will also be the first corporate deal from anywhere in Central and Eastern Europe this year.
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Mongolia has mandated banks for a new dollar deal to be issued in part to fund an exchange offer for the Development Bank of Mongolia’s bonds maturing next month. The announcement comes just after the International Monetary Fund agreed to a $5.5bn bailout for the debt ridden country.
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Japan Bank for International Cooperation (JBIC) made a rare appearance in three year dollars this week, opening the way for its peers to follow. But there is little in the dollar pipe from Japanese or any other SSA issuers — all of which are well funded — after a week when US rate expectations were jolted by comments from Federal Reserve chair Janet Yellen.
