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'Dead quiet' few weeks will benefit issuers as excess bonds need absorption before issuance starts to ‘fire on all cylinders’ from August 17
Supplying a ‘diversity of instruments’ is important for sovereign to meet needs of different investors, says DMO chief
◆ First of two planned linker syndications for 2026-7 executed swiftly ◆ Earlier book open, quick three hour execution to limit risk ◆ £93bn of Gilts issued off year's £246bn programme since April 1
Sovereign issuer overcomes challenges to revive public dollar presence after half a decade’s silence
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Poland is in the market for its most ambitious green bonds yet. It has opened books for two tranches of euro debt, hitting the 10 and 30 year maturity buckets.
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The Russian sovereign is expected to come to market for a Eurobond, perhaps as early as March, but some investors are concerned that the strained diplomatic relations between Russia and the West make its paper too dangerous to invest in.
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Spain's no-grow €5bn 15 year syndication on Tuesday was only marginally short of breaking the record order book for a public sector euro benchmark that the sovereign set only last month, despite some investors saying that the deal offered little or no concession.
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Pool Re, a government-backed reinsurer, has priced the first ever catastrophe bond to cover terrorist attacks specifically, allowing investors to receive a return from providing insurance cover. Those on the deal claim it shows the depth of the UK’s financial expertise in the insurance linked securities (ILS) market.
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The European Stability Mechanism on Monday took care of all its first quarter funding needs in one fell swoop, drawing a heavily oversubscribed book with high Asian demand that allowed 2bp of price tightening. On-looking SSA bankers said the deal was a good sign for — and likely gave confidence to — Spain, which is bringing its second syndicated benchmark of the year on Tuesday.
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Former Bank of China syndicate head Sebastian Ha has joined SPDB International as its head of fixed income.