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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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Italy and Belgium were the latest eurozone sovereigns to build their largest ever order books for syndicated bonds on Wednesday, with the former coming close to breaking the record demand from a eurozone issuer set by Spain on Tuesday. -
Fixed income, currencies and commodities trading (FICC) has been the clear area of strength in US bank results so far when compared with the fourth quarter of 2018, particularly in rates and mortgages. Underwriting fees have also come in high, but advisory earnings have suffered.
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A pair of Asian SSA issuers joined a busy dollar market on Wednesday, bringing three and 10 year deals. Demand for three year dollar paper is high, with two more issuers set to join the fray on Thursday.
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Demand for the Asian Development Bank's new five year Kauri print — the first SSA deal in the market since August — soared on Wednesday, leading to the deal being increased twice during pricing. With several frequent issuers also circling the market, bankers expect more to follow.
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The International Development Association has hired banks to lead its first sterling bond as it looks to make another step in its quest to develop a diversified funding programme.
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A combination of factors are driving colossal demand for new issues in the public sector bond market, with Spain setting a new landmark on Tuesday with the largest ever order book in the eurozone.
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