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Books on the dollar deal opened just hours after Iran attacked the country
Issuer to focus on auctions and foreign currency opportunities including dollars and Swiss francs
Bankers ‘struggle to see a drastic shift’ in concessions even after flood of issuance in May
◆ New 2046 OT proves attractive to investors ◆ Book size and quality both pleasantly surprising ◆ Sovereign issuer pays its typical NIP
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data. -
Currency and tenor have been left open in the RFP for Russia’s first sovereign bond since 2013. Recommendations to print in dollars are expected to dominate and some have said that a renminbi tranche is a possibility. But the RFP has aroused suspicion that it could be a ruse to raise funding for sanctioned entities.
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Portugal is all but locked out of the capital markets after its yields shot up this week to reach their highest levels since the country exited its bail-out programme in May 2014. Ben Jaglom reports.
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European credit markets, led by the banking sector, have seen risk escalate over the past several weeks with the Markit iTraxx Europe Main index seeing its spread widen to the highs of June 2013. One bright spot however, has been the region’s sovereign credit, which has largely steered clear of the contagion that developed in the corporate market.
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A rise in eurozone periphery sovereign yields this week took its toll on Italy’s borrowing costs at an auction on Thursday, but Ireland showcased its semi-core status as its costs fell at a bond sale.
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Issuance slowed in the sovereign, supranational and agency bond market this week thanks to Chinese New Year and the anticipation of US Federal Reserve chairperson, Janet Yellen's testimony to US Congress.
