Spanish Sovereign
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Worries over an Italian constitutional reform referendum have driven a wedge between Italy and Spain’s sovereign bond curve, which is at a level not seen since January 2015, according to a note from Société Générale. -
The Community of Madrid on Wednesday priced a eight year euro syndication fractionally inside the Italian sovereign curve.
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The Autonomous Community of Madrid has announced that it will sell its third benchmark of 2016.
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Instituto de Crédito Oficial re-entered the dollar syndication market for the first time since 2014 this week, with a deal that bankers said both highlighted the faith investors have in the Spanish recovery story and the sheer depth of demand in the currency.
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Instituto de Crédito Oficial showed on Wednesday that the strong demand present in the dollar market over the last few months is not solely the preserve of the highest rated issuers.
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A trio of public sector borrowers are set to spray the short end of the dollar curve with deals on Wednesday, including one making its first visit in over two years, as markets priced in an ever decreasing chance of a rate rise at the next US Federal Open Market Committee meeting later this month.
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Spain was the outlier among a trio of eurozone periphery sovereigns to auction debt this week, as its 10 year yields rose while those of the other two fell — a move that analysts blamed on Spain’s political situation.
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The Autonomous Community of Madrid has crushed its long dated borrowing costs with a 15 year euro medium term note.
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The State of Brandenburg drew a well oversubscribed book for a no-grow €300m August 2036 bond on Tuesday, adding to a spurt of 20 year euro deals over the past two weeks.
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European Central Bank president Mario Draghi has in effect told market participants to come back after summer if they want to see any further monetary stimulus — but belief that such stimulus is on the way helped a trio of euro deals this week.
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Spain on Thursday sold three year debt at a negative yield for the first time, capitalising on a fall on yields over the last few weeks that many bankers attribute to investor expectations of central bank stimulus.
