Pre-migration untagged articles

Mexico is in the emerging markets spotlight this week, pricing a $2bn 4.75% 32 year bond in its second visit to the international bond market so far this year. The low coupon and $6.7bn book is being hailed as demonstrating Mexico’s progress in building confidence in its economic policy.

There has been much anticipation that the 20 year maturity is about to become the long-dated benchmark point of choice, usurping 30 years. Next week will see the second SSA deal done in this maturity after the EU’s pioneering exploits on Monday. Two swallows don’t make a summer but with many SSA borrowers harbouring long-dated deal ambitions, we’ll be a lot closer to knowing once that deal is out of the way.

German investors pushed into longer maturities in an attempt to meet yield targets this week. Buyers expressed interest in MTNs with maturities of over 15 years. Some have begun to lower yield targets as they adjust to ever tighter rates.

Italy and Ireland’s National Treasury Management Agency (NTMA) sold commercial paper as investors scrambled for yield in anticipation of decreasing interest rates following the European Central Bank’s second long term refinancing operation.

Dealers of private EMTNs: Non-syndicated deals for less than or equal to €300m excluding financial repackaged SPVs, GSE issuers, self-led deals and issues with a term of less than 365 days

Dealers of private EMTNs: Non-syndicated deals for less than or equal to €300m excluding financial repackaged SPVs, GSE issuers, self-led deals and issues with a term of less than 365 days

The Autonomous Community of Aragon has launched its 2012 MTN funding effort with a long dated note paying a coupon of more than 7%. It was sold into Spain as domestic investors looked for higher yields.

Fears over potential CDS triggers, contagion and further restructuring are likely to soon outweigh near term relief over Greece’s new €130bn bail-out, sovereign, supranational and agency (SSA) bankers warned this week.

Kommuninvest wants to balance its commercial paper issuance with short term funding after having sold long dated maturities in January.

Oesterreichische Kontrollbank (OeKB) printed its first MTN of 2012, pricing 10bp-15bp inside its outstanding secondaries. OeKB sold a two year $300m floater through Citi on February 10. The note was priced at par and pays a coupon of quarterly Libor plus 50bp.

KommuneKredit hopes that the jumbo-sized currency-linked MTN it issued on Wednesday will be one of a series of structured private placements. The Danish borrower hopes to access cheaper funding through structures after it widened its vanilla MTN levels following the closure of Eksportfinans.

Dealers of private EMTNs: Non-syndicated deals for less than or equal to €300m excluding financial repackaged SPVs, GSE issuers, self-led deals and issues with a term of less than 365 days