Spanish Sovereign
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All three public sector borrowers in the euro market on Tuesday received record order books, despite the spreads tightening by up to 5bp during pricing — which left little to no concessions for investors. -
Finland and Madrid hit screens on Monday to capitalise on the red hot appetite for euro sovereign supply in the 10 year part of the curve.
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Wider euro spreads versus swaps and Bunds had already led to some superstrong trades in the currency this year, but Spain outdid them all this week with the largest ever book for a public sector euro benchmark. Every other euro deal also attracted heavy oversubscription with minimal concession, paving the way for expected supply next week from a “large German agency in the short end” and a “central European sovereign in 10 years”, according to one head of SSA syndicate.
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Spain came to market on Tuesday, printing its traditional January 10 year euro benchmark and receiving an overwhelming level of demand.
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Spain mandated banks on Monday for its first syndicated bond of the year, as it looks to replicate the success of other eurozone sovereign syndications so far in 2019.
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Maintaining confidence in the system relies on trust that leaders — those selected for their competence and character to set the course for the rest of us — are well informed, able to communicate with others at their level and take decisions that serve the interests of those they lead.
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The public sector euro market’s thundering start to the year stayed noisy on Thursday as a quartet of smaller issuers from across the continent printed oversubscribed deals.
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Instituto de Crédito Oficial (Ico) is eyeing up its first ever green bond in 2019 following a series of social bonds.
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Instituto de Crédito Oficial, already well established in the social bond market, is planning to broaden its socially responsible investment offering with its first ever green bond next year.
