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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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France printed a €5bn 2052 benchmark on Tuesday, opting for an aggressive pricing strategy and keeping to a more restrained size than its typical €7bn. -
The scale of change in financial markets over the past decade has been crazy. At the beginning of 2010, the eurozone sovereign debt crisis was a gathering storm, with Greece about to become its first and biggest casualty. A decade on, some now consider the Hellenic Republic a safe haven investment as investors try to protect their money from the repercussions of the coronavirus outbreak.
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Greece hit the market with its longest bond since the sovereign debt crisis on Tuesday. Its boldness was rewarded by its strongest order book since it returned to capital markets.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields as of Monday January 27, 9am UK time. The source for secondary trading levels is ICE Data Services.
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Greece and France mandated banks on Monday for new benchmark offerings at the long end of the curve, the former bringing its longest bond since the eurozone debt crisis. The sovereigns are taking advantage of a sharp rally in core and peripheral eurozone sovereign yields, partially engendered by a flight to quality over the coronavirus scare.
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The European Central Bank launched a strategic review of its monetary policy strategy on Thursday, but otherwise kept its fairly dovish stance on eurozone rates more or less unchanged.
