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◆ €18bn blockbuster executed in June ◆ Book size and quality both comparable to January ◆ Greece, Sweden to conclude sovereign pipeline for H1
◆ Lead points to high-quality book ◆ Subscription ratio slips from prior tap ◆ Maturity had 'pretty clear consensus'
‘Very normal market’ despite ongoing war and volatility to support another wave of new issues
Bankers say the ambition to price the first SSA bond through US Treasuries has faded as recent five year deals stall and barely perform in secondary
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Poland reopened the CEEMEA bond market this week after investors in search of safe havens pushed central Eastern European sovereign spreads tighter. Uncertainty over the timing of a US rate hike has left buyers wary of more typical EM names and left CEE sovereigns among the select few that could avoid paying heightened premiums.
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Spain’s 10 year borrowing costs rose at an auction on Thursday to more than double their low for the year so far. -
Bankers are pointing to sovereigns from central Eastern Europe as the best hope for CEEMEA supply although much of the region is bound by the uncertainty of when the US will start to raise rates.
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Portugal attracted more than €5.5bn of demand for the first syndicated deal from a peripheral sovereign since mid-June on Wednesday.
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Poland made sure CEEMEA was not left out of the September restart rush on Wednesday, but more traditional emerging markets are likely to be left sidelined until after the US Federal Reserve decides to raise interest rates, said debt bankers.
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Portugal will become the first eurozone periphery sovereign to test the post-summer syndication market — but its choice of tenor has been limited by several weeks of turmoil in global markets.
