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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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Nigeria made full use of perfect funding conditions this week to print 30 year debt well inside what it paid for a 15 year bond earlier this year, drawing an impressive $11.4bn book in the process. -
Poland on Monday raised €300m with a two year private placement, its second such instrument in as many years.
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The Islamic Republic of Pakistan has set the stage for a dollar-denominated sukuk and a dollar conventional bond, hiring banks for the transaction.
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Eurozone public sector bond prices were largely unmoved late on Monday afternoon, despite talks to form a coalition government in Germany collapsing in the small hours of the morning.
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Orders for Nigeria’s 10 and 30 year bond issue had reached $5.5bn on Monday morning. The 10 year portion is likely to take the most orders, but the 30 year tranche is piquing interest, according to deal watchers.
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A €30bn debt exchange by Greece’s Public Debt Management Agency began on Wednesday and should help the sovereign boost the liquidity in the long end of its curve, said SSA bankers. But some warned that liquidity cuts two ways, meaning the sovereign’s levels could be more sensitive to any bad news that comes its way — although those working on the deal feel the upside far outweighs that risk, writes Craig McGlashan.
