Spanish Sovereign
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The Spanish central government’s stand-off with the executive in Catalonia over an upcoming independence referendum is failing to worry Bono investors — but some bankers believe the market could soon be hit by a bout of volatility unless an agreement is reached. The Spanish situation was in marked contrast to the country’s western neighbour, as Portugal enjoyed a strong week after regaining investment grade status from S&P. -
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A pair of European agencies landed in euros on Tuesday, attracting huge books and tightening their spreads, indicating a promising backdrop for NRW.Bank’s green bond scheduled for Wednesday.
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A pair of public sector borrowers are set to bring their longest dated euro benchmarks in some time on Tuesday, as underlying rates for both issuers fell slightly on Monday.
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Fitch has revised its outlook on Spain’s credit rating to positive despite the sovereign facing a potentially destabilising referendum in October.
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Spain’s Principality of Asturias sold a pair of bonds on Wednesday, coming to market for only the fourth time since its debut six months ago, according to Dealogic. A Moody’s report published on Wednesday indicated that more Spanish regions are set to come to market.
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Instituto de Crédito Oficial (Ico) sold its third social bond on Monday, printing €500m of four year paper with what bankers on the trade said was a skinny new issue premium.
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Benchmarks from the Inter-American Development Bank, KfW and Spain have now been scored in GC BondMarker. While two of the deals met with a warm reception from voters, one deal was not so popular.
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Instituto de Crédito Oficial sold its third social bond on Monday, printing €500m of four year paper with what bankers on the trade said was a skinny new issue premium.
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Public sector bankers have backed claims by Greece’s finance minister that the country could return to the capital markets this year “with or without QE”. The fact that another periphery sovereign, Spain, was able to print a stellar trade on Tuesday despite comments by European Central Bank president Mario Draghi sending markets in a tizzy about the possible end of QE further bolstered the statement, bankers added. Craig McGlashan reports.
