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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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Ivory Coast was on track with its dual tranche dollar and euro offering with the latter drawing plenty of attention from market commentators who referred to the pricing on offer as “insane.” -
Turkey has returned to the market with a euro trade as it looks to re-engage with investors and refresh its “stale” curve.
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A pair of eurozone periphery SSAs are tackling opposite ends of the euro curve this week. Italy will launch a 30 year benchmark on Wednesday, while a Spanish agency drew a doubly subscribed book for a three year.
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Republic of Turkey has turned to euros for its second trade since its constitutional referendum on April 16, as Yapi Kredi markets a lira denominated Eurobond.
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Qatar’s debt sold off sharply on Monday after Saudi Arabia, the UAE, Bahrain and Egypt severed diplomatic relations, as well as all land and sea contacts, with the gas-rich state. Bankers recall a similar “flare up” in 2014, but are concerned about stability in the region’s financial markets.
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Sovereign debt management offices (DMOs) have lambasted proposals for creating common eurozone ‘safe assets’ in the form of sovereign bond-backed securities (SBBS). The European Commission said this week it planned to review the idea — and is likely to find a more optimistic tone from investors.
