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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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Italy found strong demand for a surprise syndicated tap on Thursday — despite a fresh and steep sell-off across its curve throughout the day — proving the peripheral sovereign had access to the capital markets even during extremely difficult conditions. -
The UK Debt Management Office has chosen the tenor for the final syndication of its 2018-2019 financial year, as Gilt yields rallied this week amid confusion over how the UK will eventually leave the European Union.
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The European Stability Mechanism has softened the eligibility criteria for its precautionary credit lines, under a eurozone reform package sealed by the European Union on Tuesday.
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The party looks to be over in emerging market bonds leaving borrowers with one heck of a funding hangover. Years of low rates have prompted a debt splurge from borrowers able to fund at ever lower coupons. But just as dollar rates are on the increase, those credits are racing towards a $2tr maturity wall and the problem of how to refinance it in a market that has presented clear symptoms of risk fatigue this year shows no sign of abating. Lewis McLellan and Francesca Young report.
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Italy carried out a syndicated buyback alongside a reopening of its October 2021 issue on Thursday, despite a steep sell-off in the sovereign’s curve throughout the day.
