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◆ 'Cautious' start say some market participants ◆ New issue premium debated ◆ Price and size praised by rivals
Concession was higher than trades from earlier in the year
Sovereign's trade will form a yardstick for concessions investment grade CEEMEA borrowers may need to offer
Debut took a long time but established market access, says country's debt chief
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Investors see the rapid wave of downgrades in response to the coronavirus crisis as evidence that rating agencies are “doing their jobs”, compared to their responses during the 2008 financial crisis. -
The Republic of Indonesia announced a triple-tranche bond sale on Monday morning, starting the week in Asia on a positive note. Bankers are watching investors’ response to the deal closely as more issuers line up new transactions.
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A pair of sovereigns hit the MTN market to raise debt this week, looking for cash to meet increased borrowing requirements as they grapple with the coronavirus pandemic. Israel came to the MTN market this week printing paper to helpfund its Covid-19 response, while Ireland ventured out to the ultra-long end of the curve to print its fourth century bond.
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Those pleading for a shared EU-level fiscal response to the economic damage of the coronavirus outbreak were thrown a bone on Thursday when Ursula von der Leyen, president of the European Commission, promised a €100bn unemployment fund backed by €25bn from EU member states. But her silence on the prospect of further debt mutualisation spoke volumes to market participants.
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