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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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South Africa is looking to add another point to its dollar curve and has mandated banks for a 2026 bond amid attempts to impeach its president, Jacob Zuma. -
Public sector borrowers have peppered the dollar and euro curves with deals this week, amid a government bond rally that is helping 10 year Bund yields flirt with record lows and the equivalent US Treasury rate near its lowest point in 2016.
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A couple of debut issuers from the Middle East and two live debt exchanges are keeping bankers in CEEMEA busy this week and with several roadshows, albeit non-deal ones, in progress, the pipeline looks healthy.
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The recent disclosure by Wikileaks of a conversation between three senior directors at the International Monetary Fund (IMF) raised the uncomfortable topic of the Greek debt crisis, which shows few signs of abating. The conversations suggested political tensions in the European Union will get worse, not better.
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When Mozambique was forced to disclose a near $800m bilateral agreement part way through the exchange offer for Ematum bonds, investors were angry. But even with that last hiccup, they’ve been gifted a bargain.
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Much of the UK media just cannot leave the prospect of an uncovered — or, to use the common but incorrect parlance, “failed” — sovereign debt auction alone. Even when the UK Debt Management Office introduces a new mechanism to improve price discovery, stories are littered with references to boosting demand.
