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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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Ireland has sold its first negative yielding bond, raising €4bn with a five year. The deal pulled in €10.1bn of orders, despite some trepidation over the developing situation between Catalonia and Spain. -
The European Commission is moving ahead with plans to develop sovereign bond-backed securities — which some market watchers have dubbed a “common eurozone safe asset”. The efforts come despite the idea being met with disdain from sovereign debt management offices (DMOs) earlier this year.
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Hungary had taken books of €5.75bn for its new euro benchmark on Wednesday, after announcing that investors had agreed to tender $3.3bn of its outstanding dollar notes.
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The buy-side is slowly removing European duration from portfolios in anticipation of the European Central Bank cutting its asset purchase programme, according to an investment director. Meanwhile, new cash flowing into the eurozone periphery is likely to go to Italy over Spain while uncertainty lingers over Catalonia’s future.
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The Hashemite Kingdom of Jordan served plenty of yield up to investors on Monday, proving that it is not just the double-A rated names which enjoy access to long dated funding in emerging market bonds. The deal traded up two cash points on Tuesday which drew a mixed response from market participants.
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Latin America DCM bankers saw Mexico’s latest bond issue priced with a negative new issue premium on Monday, though at one stage it looked like the deal could have come even further inside fair value as the $1.88bn sale was launched at the middle of the guidance range.
