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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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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Wednesday’s close. The source for secondary trading levels is Interactive Data. -
The prospect of European Central Bank quantitative easing failing to suppress eurozone borrowing costs sent panic through the sovereign, supranational and agency sector this week amid a savage sell-off across European debt markets.
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The sterling market, so often a safe haven for issuers and investors at times of trouble in Europe, has its own set of problems to deal with, namely the uncertainty caused by the likely political deadlock following the UK general election.
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The dollar market is providing public sector issuers with an opportunity for primary issuance as other major currencies — euros and sterling — are wracked with uncertainty.
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An excruciating rise in Bund yields over the last 10 days has rocked the market, but a sharp widening of eurozone periphery spreads this week could be far more dangerous.
