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Sovereign issuer overcomes challenges to revive public dollar presence after half a decade’s silence
Spreads expected to remain ‘well anchored’ in coming weeks despite this week’s blip
◆ Issuer’s first public dollar deal since late 2021 ◆ New five, 10 and 30 year offered simultaneously ◆ Interest from European sovereigns grows for dollars
Bloc to price new five year and 20 year tap as Rome set to end dollar hiatus
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Markets reacted with apathy to the news that the US House of Representatives had voted on Tuesday to expand sanctions against Russia. -
Hungary priced its debut Panda bond just before 5pm on Wednesday, completing the second onshore renminbi bond deal by a European sovereign.
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A hedge fund manager who bought some of Greece’s comeback €3bn five year bonds on Tuesday believes that the paper will trade “like a rates instrument” rather than credit, despite the bonds being marketed at an absolute yield level more akin to the high yield corporate market.
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Greece’s return to bond issuance on Tuesday drew praise from bankers across the SSA sector, who are now eagerly waiting to see whether the book — much smaller than its previous comeback bond in April 2014 — trumps that older deal for quality.
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Some may question whether Greece should have waited until after the summer before bringing its second comeback bond in three years, but the issuer and the banks should be applauded for a job well done. Now the focus must turn to debt relief.
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Fitch has revised its outlook on Spain’s credit rating to positive despite the sovereign facing a potentially destabilising referendum in October.
