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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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JP Morgan, Citi and Wells Fargo kicked off the fourth quarter earnings season for investment banks on Tuesday, showing momentum in underwriting revenues and fixed income trading, while advisory fees and equities trading stumbled. -
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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KfW and Canada both launched dollar benchmarks on Wednesday, bringing a pair of highly subscribed and tight deals. Following their success, two Asian SSA issuers prepare to join the busy dollar market.
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The Asian Development Bank is “testing the market” with a new five year New Zealand dollar bond — the first Kauri deal of 2020 and the first from a SSA issuer since last August.
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China’s government debt last year grew at its fastest pace annually since 2009, while central and local government borrowing shows no signs of slowing.
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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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