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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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A glut of short end dollar issuance this week is set to ramp up on Thursday, after a pair of rare names in the currency mandated on Wednesday. The trades will follow a strong showing from Finnvera after the Finnish agency — also an uncommon name in dollars — printed its largest ever trade in the currency. -
Saudi Arabia is having a good week — finally allowing women to drive, albeit not until June 2018, and bookbuilding for a third jumbo international bond. But investors are praying the sovereign does not step on the accelerator too hard and leaves some spread on the table to ensure performance, after a poor week for EM new issues.
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EM investors are nervous: only one of the new emerging market sovereign bonds issued in the last two weeks is trading above par and now Saudi Arabia has opened books on what is likely to be a third jumbo transaction.
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Hungary is set to take advantage of lower rates in euros to buy back its more expensive outstanding dollar debt.
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Saudi Arabia will return to the international capital markets this year and has named leads for a triple tranche conventional bond.
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Jordan was this week on the road looking to extend its bond curve out to 30 years. Its longest outstanding bond to date is due to mature in January 2027.
