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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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Spain’s 10 year borrowing costs dipped below 2% on Thursday for the first time since May, as the sovereign approached the three quarter mark on its funding schedule for 2015. -
Portugal’s short term borrowing costs dipped back into negative territory on Wednesday for the first time since May, as the third Greek bail-out package swung into action and Ireland cancelled debt.
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Spain slashed its one year borrowing costs at auction on Tuesday but the yield was still higher than the lowest level the sovereign has achieved so far this year.
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Spain could be set to record its lowest borrowing costs at a 10 year auction since May if its yields hold steady this week, after its levels tumbled in secondaries on Monday.
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It wasn’t supposed to be like this. US rate rises were very much a question of when, not if. A third Greek bail-out was all but agreed.
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Greece’s edging towards a third bailout package this week helped push down eurozone periphery sovereign yields in secondaries, with Spain set to be the first to benefit at a bond auction next week.
