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'Everyone is ready for summer to be over' as SSA wave builds for Monday
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’
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Another week of abundant supply in the government debt-deprived Norwegian krone market shrugged off Thursday’s Ascension Day holiday. Underwriters amassed Nkr3.2bn ($519m) of new issues by Wednesday, with deals including North Rhine-Westphalia’s first appearance in the market for three years.
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The Grand Duchy of Luxembourg reopened the euro sovereign primary market this week with a Eu2bn 10 year transaction, bringing to an end the syndicated issuance hiatus which has been in place since the Republic of Italy issued a 2021 linker on April 20.
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Officials from Korea Finance Corp, the country’s newest state-backed bond issuer, travelled to Hong Kong and Singapore this week for a second round of investor meetings. Executive director Bong Sik Choi discussed KoFC’s funding plans with EuroWeek’s Matthew Thomas. BNP Paribas and Barclays Capital arranged the meetings, where Choi faced questions about KoFC’s global funding plans and the progress it has made since being set up in October to take over the public policy functions of the soon-to-be-privatised Korea Development Bank. The roadshow comes after KoFC set up a $10bn Euro-MTN programme in April, four months after an earlier series of investor meetings in December. Choi was joined by DongHae Lee, general manager in the global finance department, Heung Sang Kim, head of global funding and Na Young Kim, a manager in the global finance department.
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Korea Resources Corp raised $300m in the international bond market late on Thursday night, selling the only investment grade deal of the week from an Asian issuer. HSBC, Korea Development Bank, Morgan Stanley and Standard Chartered arranged the 2015 bond, which was priced at 197.5bp over Treasuries — well inside the 210bp spread bankers were sounding earlier in the day.
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Malaysia has picked three banks to manage its first global bond sale in eight years and is set to begin a lengthy roadshow to market the deal as early as this month.