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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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Standard & Poor’s has removed the immediate threat of a sovereign downgrade for Brazil after saying that the political landscape is “somewhat more settled” than it was in May. -
Members of the Federal Open Market Committee (FOMC) in July were divided on when to start winding down the Federal Reserve’s balance sheet, according to meeting minutes, with some members also warning on price appreciation in the multifamily real estate market.
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Jamaica found plenty of demand for its annual bond issue on Tuesday, notching new issue concessions more usually achieved by higher rated credits.
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Germany’s constitutional court has referred several questions to the European Court of Justice over whether the Public Sector Purchase Programme (PSPP) is compatible with European Union rules prohibiting monetary financing by central banks. As was proved with Germany’s challenge of the European Central Bank’s Outright Monetary Transactions (OMT), there is again likely to be little effect from the move — and in any case, Germany’s judiciary should learn that at times of crisis, central banks should be left to wave their magic wands.
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Jamaica has announced initial price thoughts on taps of its existing 6.75% 2028s and 7.875% 2045s as it looks to raise new cash to buy back existing bonds.
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Angola’s ministry of finance has been given approval to issue up to $2bn of Eurobonds this year though concerns about the country’s rising debt servicing costs led S&P to downgrade it to B- on Friday.
