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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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Spain cut yields but printed at the lower end of its size target at a long end bond auction on Thursday, although bankers are confident that there would be demand if the sovereign chose to bring a long dated syndicated deal. -
The European Securities and Markets Authority (ESMA) has backed away from rules which could have crippled the repo market, through bypassing high level laws that were fundamentally ill-conceived. But the initiative, supposed to improve settlement discipline, will still hurt liquidity in the bond market.
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The Kingdom of Bahrain is considering a tap of its dual tranche note issued last November in a bid to save its investment grade rating, according to investors in the region.
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Another week, another bank exits a major European primary dealership. Problems that have been apparent for several years are now having tangible effects — and it is about time politicians took note.
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Italy has sold the largest ever 30 year bond in euros, a trade that is likely to inspire other issuers into the tenor amid what some bankers are calling a key time for the SSA market.
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Gilt investors have suggested that syndications form part of the UK Debt Management’s main issuance programme, rather than being used as a supplement — but bankers are cautious about such a move, despite the extra fees it would bring in.
