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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 are calling on the UK Debt Management Office to extend the sovereign’s curve with its next syndication, as the buy-side cheered an agreement on a Brexit transition deal. -
Republic of Mozambique met bondholders in London on Tuesday to lay out the terms of a long awaited restructuring package that was more severe than anticipated by one analyst in London. Analysts do not expect bondholders to accept the offer, but said it likely sets a floor for future negotiations.
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Two senior bankers have joined Deutsche Bank’s CEEMEA team, while Maryam Khosrowshahi is adding to her role with the new title of chairperson of supranational, sovereign and agencies origination.
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There was a rare sighting in the Panda bond market this week, as international investors outnumbered their onshore counterparts. The Republic of the Philippines completed its first transaction in the asset class, taking home Rmb1.46bn ($230.8m).
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Russia’s new bond may well be an act of defiance from the government, but it was also a savvy move in the capital markets as pressure on the country increases. Russia must have been keen to show that it did not need to alter course for funding in the face of allegations that it has poisoned ex-spy Sergei Skripal and his daughter in the UK. But financially it was also a sensible move that helps to fund the country in the face of an escalation of the situation.
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A book of $7.5bn suggests investors had few qualms about investing in Russia’s $4bn Eurobond, despite unusual clauses contained in the documentation, which has been designed to explicitly help wealthy Russians circumvent future sanctions.
