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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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The UK is set to price a tap of its March 2058 inflation linked Gilt on Wednesday, while investors suggested that the case for a new type of inflation linked bond is growing stronger.
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The European Central Bank’s larger than expected quantitative easing programme provided a bulwark to eurozone periphery sovereign yields outside Greece on Monday, boding well for a string of auctions this week. The countries’ set to auction this week are enjoying yields close to the record lows they hit after the QE announcement at the end of last week, despite a clear win for anti-austerity party Syriza in the weekend Greek election that pushed that country’s yields much higher. -
Central and Eastern European bond bankers shrugged off the results of Sunday's Greek election, which last week was flagged as a major risk event. While EM opened slightly softer on Monday, down from the quantitative easing induced rally at the end of last week, bankers say any contagion effect from the election of an anti-austerity party in Greece is strictly limited. Indeed the market was constructive enough to support Vakfibank, which has opened guidance on Turkey’s inaugural Basel III bond this morning.
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Greek government bond yields shot up on Monday morning after the country’s general election at the weekend, but the European Central Bank’s new quantitative easing programme acted as a strong firewall for the rest of the eurozone periphery, said SSA bankers. But while markets are stable for SSA issuers outside Greece, volatility could grow as the next deadline of Troika support approaches at the end of February.
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The runaway winners in this week’s selection of deals in secondaries were those from the eurozone periphery — especially at the far end of the curve — after the announcement of ECB sovereign quantitative easing on Thursday led to plunging yields.
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The European Central Bank made on Thursday its long-awaited announcement of quantitative easing. GlobalCapital rounded up views from across the financial markets as the announcement broke from one of the most hotly anticipated central bank meetings in years.
