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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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Indonesia has announced plans to meet investors in continental Europe next week ahead of a potential dual tranche euro and dollar bond placement. -
Euro conditions are excellent for public sector borrowers, with Spain pulling in a nearly €30bn book for an €8bn 10 year — which bankers away from the trade said indicated a high presence of quality investors — and KfW raising €5bn after picking a seven year deal over a shorter tenor. Another pair of issuers are now looking to take advantage.
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Greece’s bond yields tumbled to their lowest levels in years after Moody’s upgraded the sovereign last week, and talk of a second market comeback is of the more optimistic kind than just a few months ago. But Greece’s government — which wants to return to bond issuance this year — and its creditors would do well to remember that we’ve been here before. As always, Greece will never enjoy a full market presence without some real debt relief.
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The euro market for public sector borrowers looks set to kick back into action after a quiet last week, with a pair of big borrowers mandating for trades to come on Tuesday.
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The UK Debt Management Office has selected the bond to be issued at the second syndication of its 2017-18 financial year, picking a bond at the long end of its target range.
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Ireland has printed just shy of the 50 year part of the euro curve using a pair of private placements, a market it has used with increasing frequency over the last year.
