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Duration is selling off, but all the rage in the primary market. The EU could be tempted to follow the UK and Spain to the long end
‘Very important transaction’ for the DMO in meeting investor needs where they are, says debt chief
Tight spreads, higher yields lead to cautious approach from investors, observed issuer
Data
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On-looking SSA bankers applauded the European Stability Mechanism’s trade on Tuesday, which managed to get over the line with minimal new issue premium despite sharp moves in the rates market caused by the spread of the Covid-19 coronavirus. -
Spain was able to raise €5bn of 30 year paper on Tuesday, braving difficult market conditions to close the deal. While the trade was a success, the sharp fall in the order book at the final spread indicated some investors are beginning to push back on price.
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Eurofima, the Swiss-based railway financing agency, has let its head of capital markets go as part of a restructuring.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, February 24. The source for secondary trading levels is ICE Data Services.
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The European Stability Mechanism has requested its primary dealers or ‘market group banks’ to set up entities within the 27 member states of the European Union in order for them to participate in bond auctions by the supranational and its sister issuer, the European Financial Stability Facility.
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CPPIB Capital, which mandated banks for a five year benchmark on Friday, has postponed the deal in the face of a hostile market rocked by volatility engendered by the Covid-19 coronavirus outbreak.
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