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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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CEEMEA issuers printed $61bn of bonds in the first quarter of the year, making it the busiest first quarter on record. And with $50bn of redemptions next month and no let up to inflows to EM funds, conditions are set for a perfect second quarter. -
The direction of the European Central Bank’s monetary policy is still keeping investors awake at night, as an announcement on Thursday by the bank’s president did little to avert concerns about rate hikes at the short end.
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Even as South Africa and Halkbank prove that idiosyncratic risks are ever present in in emerging market bonds, conditions remain beyond syndicate bankers wildest dreams. That is good news for the bulging pipeline.
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Further dollar issuance from Argentina could emerge as early as today after two borrowers from the country wrapped up roadshows on Tuesday.
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Fears of Marine Le Pen winning this year’s French presidential election may have receded but investors should be hoping that her loss will be to frontrunner Emmanuel Macron — and not to former favourite François Fillon.
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The Treasury of South Africa has taken to Twitter to save its investment grade status. But adopting a Donald Trump approach to global communication, while passing responsibility for its credit rating to its citizens, does nothing to help South Africa’s credibility.
