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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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The much sought after trend for green bonds to outperform conventional paper in secondary trading is now a reality, according to public sector borrowers — but perhaps only for those with enough dots on their green curves to provide a comparison. -
Saudi Arabia does not come to market often, but when it does, it does so in size — as this week’s $12.5bn sale proved. In the last 12 months, the Gulf state has raised more in dollar or euro syndications than any other sovereign. The issuer has shown remarkable commitment to weaning its economy off petrodollars as it enlists capital markets to help it plug a $53bn deficit, writes Virginia Furness.
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It was a week of blistering conditions in the SSA dollar market but the pace of issuance has slowed a little in comparison to the glut that defined the few weeks of September.
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Eurex, the derivatives exchange of Deutsche Börse, will start offering BTP options on October 2.
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Two more public sector borrowers brought strong trades to finish a bumper week of dollar deals, both printing $1.5bn of short end dollar paper.
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Saudi Arabia cut through rising swap spreads on Wednesday to print its third jumbo transaction, bringing its funding efforts to $39bn over 12 months. The issuer kept the buyside sweet with around a 10bp new issue concession, and all three tranches were tighter in the secondary market on Thursday.
