Nomura
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UK investors showed no jitters on Tuesday about a potential UK exit from the European Union, as the sovereign’s last syndication before the EU membership referendum drew a book of more than £15bn — a record for an inflation-linked Gilt syndication. -
A remarkable week for public sector dollar issuance could lead into an even more impressive spell, after the release of hawkish US Federal Reserve minutes moved the 10 year part of the curve tantalisingly close to borrowers’ grasps. Craig McGlashan reports.
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Italy sold a super rare short-dated syndication this week, but a debut 50 year benchmark — a growing trend for sovereigns this year — looks to be some way off.
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Norwegian issuer SR Boligkreditt and New Zealand borrower Westpac NZ will both take new euro deals on the road before the end of May, and the UK’s TSB has confirmed covered bonds will form part of its long term funding.
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The Boston Retirement System (BRS) is suing five banks and four traders for allegedly conspiring to manipulate bid-ask spreads on SSA debt traded in the secondary market, increasing their profit at the expense of their clients.
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Export-Import Bank of Korea (Kexim) set a new benchmark this week with what bankers say is the first triple tranche deal out of South Korea. The policy bank managed to bring high quality US investors into its three year notes, while also sealing tight pricing on the longer-dated portion.
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Italy brought a rare syndicated effort at the short end of the euro curve on Wednesday, but there was little sign that the unorthodox approach disturbed investors as it built an oversubscribed book at a punchy price.
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Export Development Canada is set to join what one SSA banker described as a “ridiculous” dollar market, where issuers are selling in big size and with little or no new issue premiums.
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Public sector borrowers are taking advantage of some of the best conditions in the dollar market all year to print jumbo sized deals at the tightest spreads to US Treasuries in months.
