Spanish Sovereign
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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. -
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.
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Euro conditions are excellent for public sector borrowers, with Spain pulling in a nearly €30bn book for an €8bn 10 year — which bankers away from the trade said indicated a high presence of quality investors — and KfW raising €5bn after picking a seven year deal over a shorter tenor. Another pair of issuers are now looking to take advantage.
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The euro market for public sector borrowers looks set to kick back into action after a quiet last week, with a pair of big borrowers mandating for trades to come on Tuesday.
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