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◆ First of two planned linker syndications for 2026-7 executed swiftly ◆ Earlier book open, quick three hour execution to limit risk ◆ £93bn of Gilts issued off year's £246bn programme since April 1
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
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Books had reached $4bn on Tuesday before the US market opened for Senegal’s latest dollar outing, an amortising note maturing in 2033. Bankers and investors away from the mandate said they did not envy those dealing with the allocation process. -
Senegal has launched its 2033 amortising note to raise $1.1bn after books reached $7.7bn at 8:30am New York time on Tuesday.
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The public sector debt market is in for another hectic week of borrowing as issuers flock to take advantage of the superb conditions left in the wake of Emmanuel Macron’s victory in the French election.
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The Province of Quebec will print in sterling for the first time in over 20 years after hiring banks on Monday for a five year deal, joining other Canadian provinces in returning or debuting in the currency in 2017. The trade will come in the same week as the UK sovereign sells the first syndication of its 2017-18 financial year.
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Volatility indexes may be showing their lowest levels in years and Emmanuel Macron may be safely ensconced in the Élysée Palace, but it would be a brave person to say that the political risks are behind us this year.
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Emmanuel Macron’s election as French president last weekend was the catalyst for a flood of revved up euro deals this week, with issuers and investors aiming at the long end of the curve as the biggest known political risk in Europe this year passed with a market-friendly outcome. Craig McGlashan reports.
