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New EU deal and year's final sovereign syndications move into focus amid continued yield sell-offs
‘Very important transaction’ for the DMO in meeting investor needs where they are, says debt chief
Month-end buying from investors in secondary market to determine backdrop for next wave of issuance
‘Pragmatic’ approach from borrowers set to benefit upcoming wall of issuance
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The coronavirus outbreak has driven a rush to safe haven assets. While the demand for SSA paper is hotter than ever, some feared that sharply falling yields would make the primary market less attractive. However, borrowers have proved those worries unfounded by building big order books for new bonds this week. -
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.
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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.
