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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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Romania is offering a 20bp new issue premium on taps of its euro-denominated 2025 and 2035 bonds, according to a lead manager on the trade. -
Russia has filed a lawsuit against Ukraine in the High Court in London, with regards to the default on $3bn of bonds at the end of last year.
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Bahrain increased the size of its bond tap on Tuesday from $500m to $750m. While bankers away from the trade said while it came cheap for a tap, it was not surprising given the challenges the country faces.
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SSA issuers have come through a battering time in markets to print euro deals, with Austria hitting the long end of the curve and BNG also printing. But the scars are showing as KfW is demonstrating in the dollar market.
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The Asia ex-Japan bond market finally saw some primary activity on Wednesday with the Republic of the Philippines set to be the first sovereign issuer of the year. The country launched a new 25 year bond and is giving investors the option to switch out of 16 outstanding deals at the same time.
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A former European Central Bank president has reiterated his suggestion that the European Parliament should be the final arbiter in disputes between member nations and Europe’s institutions. But that will do little to stop the big boys throwing their weight around — and would be far from a democratic process.
