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New EU deal and year's final sovereign syndications move into focus amid continued yield sell-offs
New label and attractive relative value of French agency paper allow large spread tightening
Issuer now 80% funded for the year, keeps eyes open for opportunities across currencies
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World Bank hit a number of landmarks on size, demand and pricing with its first sterling benchmark of the year. It used a maturity that has become the new sweet spot for SSAs in the currency as issuers seek more attractive funding levels versus euros and dollars. -
Few MTN issuers have so far issued in the Libor-replacing euro short term rate (€STR) format, with deals limited so far to supranationals, agencies and, this week, a sub-sovereign. Some bankers blame the 2017 EU Prospectus Directive for tightening up the rules on adding new indices to programmes, leaving non-exempt issuers on the sidelines.
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Greece is hoping to become a frequent presence in the capital markets with a syndicated bond issuance every three months, according to the head of the sovereign's Public Debt Management Agency.
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The coronavirus outbreak has created a rush to safe haven assets. While the demand for SSA paper is hotter than ever, some feared that sharply falling yields would make the primary market less attractive. However, borrowers have proved those worries unfounded by building big order books for new bonds this week.
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Austria's new benchmark was over 10 times covered on Wednedsay, making the sovereign the latest in a string of its peers to receive a record order book for a syndicated bond this year.
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The buy side is keen to be able to buy Gilts that pay a coupon linked to Sonia, investors have told GlobalCapital. The matter was also raised with the UK Debt Management Office, according to the minutes of its latest consultation meeting.
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