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Analysts discuss the scope of tightening in Bund swap spreads and the impact on SSA spreads
OATs and OLOs could weaken further versus Bunds while southern European countries and EU continue to paint a positive picture
Uncertainty looms large as presidential race far from clear and budget negotiations potentially ‘highly challenging’
Summer in full swing but first two weeks of August not completely off the cards for non-euro deals
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Few expected Russia to provide the first massive sovereign trade for the CEEMEA region in September and to offer its largest new issue premium for years in order to beat an expected rush of supply. But when it did so on Monday for its $6.96bn Eurobond, the issuer won praise from bankers for showing flexibility and a willingness to adapt to market conditions to hit its target — a marked difference from the usual accusation of throwing its weight about, unhappy to negotiate with investors to find fair pricing for its debt.
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The Republic of South Africa pulled in $7.4bn in orders for a $2bn 12 year global bond on Monday. Debt bankers on and away from the deal disagreed on the new issue premium paid, but the bond’s performance in the secondary market argued in favour of the leads’ strategy.
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The Republic of Indonesia launched a 5.5 year global sukuk bond on Tuesday, in what is expected to be its last US dollar-denominated transaction this year.
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The Kingdom of Belgium extended its curve on Tuesday, selling new 32 year bonds. The level of appetite for the paper surprised lead managers, allowing the issuer to print a larger than expected deal at the tight end of guidance.
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South Africa opened books on a 12 year dollar deal on Monday morning, with initial price thoughts offering what investors said was a large premium.
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The Republic of Armenia starts investor meetings this week ahead of its debut dollar Eurobond, which Fitch has assigned an expected BB- rating.