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Sovereigns

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◆ Issuer’s first public dollar deal since late 2021 ◆ New five, 10 and 30 year offered simultaneously ◆ Interest from European sovereigns grows for dollars
SSA
Bloc to price new five year and 20 year tap as Rome set to end dollar hiatus
A Kilt will pay a spread over Gilts it cannot justify on credit, which makes it a political gesture rather than a funding tool
◆ How UK's likely next PM can woo the bond market ◆ Fibre ABS coming to Europe ◆ The rise of the corporate Kangaroo
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  • Fitch upgraded Macau’s long term foreign currency issuer rating to AA from AA- on Tuesday on the back of strengthened financials, but the boost is unlikely to spur more bond issuance from the region, said bankers.
  • The Arab Republic of Egypt is providing the first big test of the resilience of emerging market debt since last week's volatility with a triple tranche dollar bond. Bankers eyeing the trade say the book size, and amount of price revision, will be a real indicator of investor appetite for riskier EM debt now the shine has come off the market.
  • CEE
    The Republic of Belarus, which issued one of the best performing bonds of 2017, is looking to return with a 10 year dollar benchmark.
  • Greece’s return to capital markets last week drew nothing but praise on the day, but its subsequent performance in the secondary market has left something to be desired, said bankers.
  • Kenya has mandated banks for its first Eurobond since 2014, and is looking to extend its curve by 24 years to join the handful of sub-Saharan African borrowers that have tapped the 30 year part of the curve.
  • Rating: Caa2/B/B-