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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 lowest ever coupon on a Spanish 10 year euro benchmark was not enough to deter investors from piling into an April 2025 syndication from the sovereign on Tuesday, with books more than twice subscribed. -
With even French president Francois Hollande saying earlier this week that the European Central Bank will announce sovereign quantitative easing on Thursday, there can be little doubt that ECB boss Mario Draghi is fitting the latest rocket into his bazooka as we write. Hollande may have had to embarrassingly backtrack since — with his office saying he was only talking hypothetically — but one can be certain that the flip flop is more down to a breach of etiquette, rather than an error.
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Only four CEEMEA bond deals have been priced so far this year with issuance volumes down to 40% from the same period in 2014. Turbulent market conditions have kept the number of issuers rushing to market to a minimum this year but the upcoming European Central Bank (ECB) meeting as well as stabilising oil prices is improving market outlook — though it won't be a case of 0mph-60mph in three seconds.
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Angola has agreed two loans worth $250m each with Goldman Sachs and Gemcorp Capital as it looks to weather the financial strain caused by recently plummeting oil prices.
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Spain is likely to have the full attention of investors when it sells a new benchmark bond on Tuesday, as few issuers are expected to come during what could be a defining week in the history of the eurozone.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data.
