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Estonian sovereign outing its first under local law
◆ Sovereign serves up first 30 year SSA deal in two months ◆ Cost-sensitive issuer opts for limited size ◆ Very small NIP, even by German standards
An public sector issuer breaking a record with a deal this week became so common a claim it began to sound like, well, a broken record. But questions remain about how robust demand really is
Markets ‘not out of the woods yet’ as large sovereigns shorten execution process to de-risk issuance
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The order books on Qatar’s triple tranche offering on Wednesday morning have been gathering serious momentum leading emerging markets bankers away from the deal to assess the bond was being priced to maximise size. -
High profile sovereign bonds have dominated CEEMEA markets so far this week. Russia returned on Tuesday with its first deal since 2013, but not with the international slam-dunk the sovereign was hoping for. Elsewhere Qatar started book building for its long-awaited bond.
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One of the major looming political risks that had been giving the public sector borrower market the jitters looks to have been solved, after Greece agreed a deal with its creditors on Wednesday that will unlock €10.3bn in bail-out funds, ensuring it can meet debt repayments in July.
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UK investors showed no jitters on Tuesday about a potential UK exit from the European Union, as the sovereign’s last syndication before the EU membership referendum drew a book of more than £15bn — a record for an inflation-linked Gilt syndication.
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Russia’s $1.75bn sovereign Eurobond showed that the country can raise external financing, but that does not necessarily mean that the deal will be recorded as a political success.
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Russia has not updated the guidance it released on Monday for its first bond since 2013, with a debate over whether Euroclear will settle the note deterring some investors.
