Spain
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, March 30. The source for secondary trading levels is ICE Data Services. -
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Spain led the way back into primary bond markets in no uncertain terms this week, raising a staggering €10bn of seven year cash and demonstrating that, in spite of the worst bear market in history, investors are still happy to buy at the right price. Pablo de Ramón-Laca Clausen, director-general of the Spanish treasury, talked to GlobalCapital about the experience.
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The primary public sector bond market came back to life on Tuesday as a pair of sovereigns and the European Investment Bank sold deals alongside German states. But it was far from a case of picking up where they left off as borrowers were made to pay new issue premiums of up to 20bp versus the secondary market levels on screens.
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The first two sovereign benchmarks since February are set to hit the market on Tuesday. Although volatility has not yet abated, bankers are eager for the deals to establish new price points for public sector issuers to start funding their responses to coronavirus.
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European banks are steering well clear of new issue markets during the coronavirus pandemic, avoiding having to call on investors for funding by taking advantage of attractive central bank funding schemes.
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The Single Resolution Board found this week that investors in Banco Popular would not have been any better off had they been put through an insolvency rather than a resolution. Creditors and shareholders will therefore not receive any compensation.
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Market analysts reacted positively this week to the Spanish Treasury’s Cédulas consultation, but the thorny question of how the market will transition to the new regime has potentially negative implications.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, March 9. The source for secondary trading levels is ICE Data Services.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, March 2. The source for secondary trading levels is ICE Data Services.
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Spain was able to raise €5bn of 30 year paper on Tuesday, braving difficult market conditions to close the deal. While the trade was a success, the sharp fall in the order book at the final spread indicated some investors are beginning to push back on price.
