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◆ First of seven syndications breaks multiple records ◆ Investor engagement and communications helped stable execution ◆ Smaller programme this year but ‘still a lot’ to tackle
Busy and ‘euro-heavy’ week ahead but dollar pipeline also building with issuers set to bring forward bond plans
◆ Minimal premium paid ◆ Size at top of range ◆ Issuer seizes upon stability
◆ 'Cautious' start say some market participants ◆ New issue premium debated ◆ Price and size praised by rivals
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Wider euro spreads versus swaps and Bunds had already led to some superstrong trades in the currency this year, but Spain outdid them all this week with the largest ever book for a public sector euro benchmark. Every other euro deal also attracted heavy oversubscription with minimal concession, paving the way for expected supply next week from a “large German agency in the short end” and a “central European sovereign in 10 years”, according to one head of SSA syndicate. -
The Republic of Turkey on Thursday returned to the capital markets for the second time this month, launching a €1.25bn six year bond and taking advantage of a recent buying spree in the country’s bonds.
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The Republic of Turkey has returned for a bond in euros after the $2bn note it sold earlier this month rocketed in value.
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Investors are betting that US Treasury yields will narrow relative to Bund levels, as a myriad of global concerns cause investors to look for haven assets — which will opt for the higher returns in US bonds over Europe.
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Emerging market investors are enjoying an excellent start to the year in the secondary market, but primary supply has not maintained its strong start to the year. Bankers and investors are confident that issuers will get moving soon though.
