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Pension funds 'very much present' in the deal and central bank demand 'quite remarkable', says issuer
◆ Sovereign takes plunge into 30 year ◆ Book almost twice that of 2024 deal ◆ Large size, tight NIP, others encouraged
◆ Sovereign continues to break record after record ◆ New deal was 'a blowout by every definition' ◆ Second wave of EGBs underway, Belgium next
New mandate follows S&P outlook upgrade last Friday
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Spain was able to raise €5bn of 30 year paper on Tuesday, braving difficult market conditions to close the deal. While the trade was a success, the sharp fall in the order book at the final spread indicated some investors are beginning to push back on price. -
Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, February 24. The source for secondary trading levels is ICE Data Services.
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Spain has announced another trip to the ultra-long end, electing to come to market in spite of volatility sparked by increased fears around the spread of coronavirus.
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The China Securities Regulatory Commission has reopened the Chinese government bond (CGB) futures market to commercial banks and insurers after a 25-year ban, kicking off a pilot programme.
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The euro market, unlike the quiet dollar market, is going from strength to strength for SSA borrowers. However, the tight spreads are starting to make their presence felt, with investors starting to push back.
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Frontier market bond issuance dropped in 2019, with sovereign issuance at its lowest figure since 2011, amid signs that private-sector creditors are pulling back from riskier countries.
