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‘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
Books on the dollar deal opened just hours after Iran attacked the country
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A rally in Russian debt has given an immediate peace payout from the ceasefire in Ukraine, which starts on Sunday. But Ukrainian bonds have failed to pick up despite the IMF agreeing to increase its lending to the war-torn country with $5.8bn of new money, write Virginia Furness and Dan Alderson. -
The era of record breaking yields for eurozone sovereigns showed no signs of ending on Thursday, as Ireland and Italy’s borrowing costs came crashing down at auction.
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Short term debt opportunities are opening for public sector borrowers as European money market funds move to the asset classes at the expense of banks, which are posting tighter and tighter levels and cutting supply in euro commercial paper.
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Portugal and Italy trampled all over their borrowing costs at auctions on Wednesday, leaving a path that Ireland — and Italy again — will hope to follow at debt sales on Thursday. But Greece’s yields rose at a bill auction, as attention turns to the latest round of discussions between the country’s anti-austerity government and its European creditors.
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Conditions for public sector bond issuance are extremely strong this week, the last window before Asian holidays next week. But the tough negotiations between Greece and its creditors — the latest chapter of which takes place on Wednesday as eurozone finance ministers meet for an emergency meeting to discuss the country — are still creating the risk of unwanted volatility.
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The Republic of Bulgaria has said it is mandating Citigroup, HSBC, Société Générale and UniCredit as “arrangers and dealers” on its €8bn global medium term note programme, according to a release on the country’s Ministry of Finance website. The programme was signed on February 6.
