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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 UK Debt Management Office started its 2016-17 funding programme by auctioning £5.25bn of debt this week, using a mechanism it has introduced to enhance Gilt price discovery.
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South Africa raised $1.25bn with its latest SEC registered bond on Thursday, amid a slew of negative headlines and what bankers described as a weak market backdrop. -
Republic of Mozambique completed a successful debt exchange this week, but the deal heralds the swansong of African private placements, according to senior emerging market bankers. Virginia Furness reports.
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The Republic of Mozambique’s new 2023 sovereign bonds, the result of a debt exchange of bonds sold by the state owned tuna fishing company Ematum, rallied around 20 points in the secondary market on Thursday, despite complaints over a ‘surprise’ loan.
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Strong demand was expected to propel South Africa’s new 10 year note to a successful conclusion, with a 35bp-50bp concession tantalising investors before the US open, despite a political crisis in the country.
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Portugal breathed some liquidity into a pair of outstanding bonds on Wednesday with its first syndication since January, achieving much lower premiums than its last syndication, according to bankers.
