Spanish Sovereign
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Two public sector borrowers hit screens with new issues on Monday, with Belgium choosing a 20 year and Madrid opting for a 10 year sustainable bond. -
Cracks started to appear in demand for long-dated rates products this week, even as riskier credit markets went gung-ho in the face of the coronavirus outbreak. Now Spain could be set to test how bad the damage has been, as it is rumoured to be readying a 30 year syndication for next week. Burhan Kahdbai, Lewis McLellan and Bill Thornhill report.
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GlobalCapital understands that Spain has appointed a new head of funding and debt management to take over from Pablo de Ramón-Laca, who has been promoted.
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While every eurozone country that sold a new syndicated bond this year has received strong demand, Spain outshone them all this week by taking the biggest ever order book in the bloc.
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Spain and Cyprus attracted strong demand for their syndicated bonds on Tuesday, with the former receiving the largest ever order book for a public sector euro benchmark. Italy and Belgium will add to the eurozone sovereign supply on Wednesday after mandating leads for new 30 and 10 year trades, respectively.
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The European Financial Stability Facility took the spotlight in the euro public sector bond market on Monday with an intraday execution ahead of a busy week. The European Investment Bank, Council of Europe Development Bank, Spain and Cyprus have all announced new deals.
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Spain’s formation on Monday of a Socialist-led coalition government, even one with no parliamentary majority, has opened the way for the country to press ahead with launching its first green bond. The deal of about €5bn is likely to be syndicated in the second half of 2020, and could prove one of the prize mandates of the year for banks to compete for.
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Instituto de Crédito Oficial (Ico) is planning to issue its second green bond in 2020, following its debut trade in the format earlier this year.
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Instituto de Crédito Oficial (Ico) and Investitionsbank Berlin (IBB) found strong demand in the short end of the euro curve on Wednesday, which SSA bankers are calling the new sweet spot, despite the deeply negative yields.
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Instituto de Crédito Oficial (Ico) held investor calls on Tuesday ahead of its return to the social bond market to complete its funding needs for the year.
