Spanish Sovereign
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Italy could retrieve half of the basis points it has lost to Spain in the run-up its general election next weekend — if the vote returns the most market-friendly result, according to a portfolio manager at a leading investment house. Spain, meanwhile, printed a 30 year benchmark with the second largest book ever for a euro sovereign deal in the tenor — another sign that the country is marching towards or already at semi-core status, said bankers. -
Spain’s first trip to the long end of the curve in almost two years met with an overwhelming response, as the sovereign received one of the largest books ever for a 30 year bond.
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Spain has picked banks for its second deal of the year, looking towards the long end of the curve for the first time since May 2016.
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The Autonomous Community of Madrid this week made a triumphant second visit to the socially responsible investment (SRI) market as it printed a deal double the size of its debut last year. Further issuance from the borrower — in conventional and SRI format — is likely to come soon, although in private placement (PP) format. But there may be further SRI issuance from some of Madrid’s Spanish peers.
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Spanish regional issuers are in discussions with the Autonomous Community of Madrid in an effort to add their names to the list of Spanish public sector SRI bond issuers.
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The Autonomous Community of Madrid on Tuesday printed its largest ever sustainable bond — and its biggest bond of any kind in three years — with a trade that was double the size of its SRI debut last year. Bankers away from the trade hailed the “excellent” result, with one saying it was “probably as good a result as the issuer could have hoped for”.
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The Autonomous Community of Madrid is prepping its second ever sustainable benchmark, after mandating banks on Monday.
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The European Stability Mechanism has cut more than 20% from its funding target for 2018 after approving a request from Spain to pay back €5bn of its ESM loan ahead of schedule.
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While the fast pace of issuance that characterised the SSA market in January has abated, the euro sector provided some rarer names with funding across the curve this week, in spite of a general widening of spreads.
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France is hoping to add its name to a growing list of sovereigns in China’s Panda bond market, having discussed the possibility with at least two of the country’s biggest state-owned banks.
