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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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Borrowers hit screens in euros from three to 50 years this week, all enjoying heavily subscribed books and pricing with skinny new issue premiums thanks to investors’ confidence in consistent support from the European Central Bank. -
It was third time lucky for Norway this week as it rocketed to a Nkr65bn ($7.0bn) order book with its third syndication. There was a marked increase in real money participation, meeting one of the Norges Bank’s main aims for its syndication programme.
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The ousting of Sajid Javid as the UK's chancellor of the exchequer has been interpreted in financial markets as a power grab by prime minister Boris Johnson. Javid's removal is likely to strengthen the government’s bias towards populist economics, “rewriting the Treasury’s fiscal rules”, according to one investor.
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Investors in the SSA market are piling into long dated bonds, leaving aside any coronavirus-driven fears and swelling the order books on 30 year and 50 year paper to record breaking levels, in what bankers are calling a 'one way market'.
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Two sterling public sector bond issues were announced on Tuesday, but aside from timing, the trades had little in common. The UK Debt Management Office printed £2.5bn at 50 years, while the International Finance Corp raised £350m with a seven year.
