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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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Gilt investors and market makers have offered a broad range of views on the form that the UK’s next syndication should take during a meeting with the country’s Debt Management Office. The meeting was without Scotiabank, which last week quit as a Gilt-edged market maker (GEMM). -
Republic of Latvia has mandated banks for a new 10 year, plus a possible reopening of its long end bonds. Bonds issued by CEE sovereigns have held up well over the recent months of trading volatility, and bankers expect the deal to go well.
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The pipeline for this week is swelling, according to an SSA syndicate official, but the focus may shift from last week's emphasis on euros to dollars.
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The UK Foreign Affairs Committee on Monday recommended “closing the loophole” that allows Russia to continue to support its sanctioned banks and companies, by prohibiting persons in the EU from buying Russian debt where the bookrunner is a sanctioned entity.
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Indonesian credits got a quick boost late last week as investor sentiment rose following an interest rate hike. But while the buy-side is again warming up to the country’s bonds, the debate continues over whether the optimism is sustainable.
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Investors dumped BTPs this week as far from market-friendly plans emerged from talks this week between the Five Star Movement and the Northern League, which looked set to form a government as GlobalCapital went to press. But there were still some notes of optimism as Italy sold the latest line of its BTP Italia product with little fuss and bankers said BTP yields were still very far from crisis levels.
