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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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After spooking the market with allusions to debt ‘renegotations’ earlier this week, the Angolan Ministry of Finance has issued a statement saying it “stands behind all the debt obligations to its lenders.” It added that it will look to buy back its short term debts, while looking to obtain better terms on long term debts. -
Republic of Macedonia has named three banks to arrange investor meetings for a combined buyback and new euro-denominated bond as the Southeast European sovereign looks to extend its maturity profile.
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As the first trades of the new year hit the screen this week, one new line stuck out in the deal announcements — a specification that the target market for the issue would only be eligible counterparties and professional clients, a piece of boilerplate to comply with the new MiFID II rules.
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Public sector euro borrowers have made a mixed start to 2018. Ireland was able to pull off a spectacular €4bn 10 year, but BNG fell short with its own effort in the same tenor. A lack of certainty surrounding the future of quantitative easing caused volatility in the bond curve, which led borrowers a merry dance, writes Lewis McLellan.
