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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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Investors may be underestimating the chance of a Eurosceptic, populist government taking power in Italy, one expert on the country warned this week, as the Five Star Movement and Northern League on Thursday made strong progress on forming a coalition — without any mainstream parties. When the general election in early March failed to deliver a government, such a coalition was widely deemed the worst possible outcome for the market — particularly as one of the few policies the duo share is a looser fiscal policy. -
The Bank of England avoided bringing any surprises before the UK Debt Management Office sells its first syndication of the 2018-19 financial year next week as it kept its base rate on hold on Thursday. But some analysts are warning that investors may be overconfident of a hike later this year.
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The Republic of Ghana was set to price its dollar dual tranche bond as GlobalCapital went to press on Thursday evening, having picked a phenomenal day for a deal, with the bonds of several African sovereigns bouncing two points.
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A supranational dollar deal ran away with April’s top spot in BondMarker, outstripping the rest of the table by a good margin and clocking in as the third most highly rated deal of the year.
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The Republic of Ghana is taking advantage of a more stable day in emerging market currency trading to print its bond, though the country’s outstanding paper has widened during the roadshow.
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Italy’s bonds took a hit on Wednesday afternoon after the country’s president Sergio Mattarella allowed the Five Star Movement and the Northern League — the best performing parties in the country’s general election in March — 24 hours to form a government before he appoints a non-partisan prime minister.
