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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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Sweden was able to price a three year dollar benchmark at the tight end of guidance on Thursday despite volatility in US Treasuries after the Swiss National Bank announced that it was scrapping a cap on the Swiss franc. -
Austria could this year register a drop of more than 30% on its 2014 government bond issuance. It announced its 2015 issuance plan on Thursday and RAGB issuance will be down at least €3bn on 2014.
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Tunisia has picked banks for a 144A/Reg S conventional dollar deal and starts investor meetings on Friday. The lead manager line-up contains some of the same banks that were attached to a debut sukuk the sovereign had intended to launch in 2014. But that transaction — although still planned — has been delayed while Tunisia tweaks its sukuk legislation, said debt bankers.
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The Republic of Indonesia started 2015 in style on January 8 with a $4bn dual trancher that was five times subscribed. The overwhelming demand meant the sovereign was able to shave 150bp off its funding costs.
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Duration is for the second time this week the choice for a periphery eurozone sovereign, after Italy mandated banks for a 30 year benchmark on Wednesday. But there was more woe for Greece at the very short end, as yields on its 13 week bills rose by 25bp at auction.
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A €5.5bn order book helped the Slovak Republic price its new 12 year euro bond in a record 2.5 hours on Tuesday morning. Strong credit fundamentals which led to a rally across Slovakia’s curve have enabled the borrower to price at its lowest ever yield for a long dated euro bond.
