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◆ Issuer brings second annual benchmark ◆ Pricing tightened 1bp ◆ Investors hold 'more power' in current market
◆ KfW sells another green deal in active year for the label ◆ Less than 2bp NIP paid this time ◆ FMO prices in line with MuniFin, Tennet NL
◆ Deal followed Sofr debut in February ◆ Further interest already seen, taps possible ◆ Pricing came slightly inside fixed rate dollars
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The Sofr-linked bond market in dollars is lagging behind the progress being made in Sonia-linked sterling, SSA bankers warned this week, with some issuers waiting to see which Sofr model becomes accepted practice. -
The socially responsible investment market in SSAs is picking up pace in 2019, with a supranational bringing a deal in a debut format and other issuers preparing inaugural trades.
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Wider euro spreads versus swaps and Bunds had already led to some superstrong trades in the currency this year, but Spain outdid them all this week with the largest ever book for a public sector euro benchmark. Every other euro deal also attracted heavy oversubscription with minimal concession, paving the way for expected supply next week from a “large German agency in the short end” and a “central European sovereign in 10 years”, according to one head of SSA syndicate.
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Investors were keeping cash from the private debt markets this week, though borrowers that have a definite issuance plan have been able to continue with their strategies.
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Investors are returning to the covered bond, sovereign and supranational agency (SSA) markets in their droves. Despite exceptionally heavy issuance, the startling breadth and depth of demand seen in many deals this week caught market participants off guard — not least the investors themselves. Bill Thornhill reports.
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The Republic of Turkey on Thursday returned to the capital markets for the second time this month, launching a €1.25bn six year bond and taking advantage of a recent buying spree in the country’s bonds.
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