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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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PricewaterhouseCoopers has called for an overhaul of regulations which are hurting market liquidity, as part of a major new report on the state of liquidity in financial markets, commissioned by the Global Financial Markets Association and the Institute for International Finance.
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Myanmar has moved closer to an offshore bond issue after circulating a draft law clarifying how the sovereign can raise debt, and hiring Citi and Standard Chartered as ratings advisers. The moves have been welcomed but investors have been warned to expect a long wait before they get their hands on any deal, writes Shruti Chaturvedi. -
Italy’s short term borrowing costs hit a euro-era record low on Wednesday — but, despite a bail-out deal between Greece’s government and creditors looking imminent, the country’s costs failed to move at a bill auction on the same day.
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China’s decision to devalue its currency this week will add another complication to what is already a troublesome time in the public sector bond market — just as a separate source of woe for SSA bankers looked to be resolved.
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The Government of the Union of Myanmar has hired Citi and Standard Chartered as sovereign credit rating advisers as it looks to pave its way to the international debt market.
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As Greece nears a deal on a third bail-out package, the idea of GDP-linked sovereign bonds will bubble up again. The structure looks good in academic papers, but the real world might be less forgiving.
