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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 skies were clear for the doves of the European Central Bank to launch a sovereign quantitative easing programme, after the European Court of Justice's advocate-general said on Wednesday morning that the central bank’s earlier attempt to shore up the currency bloc’s financial system — via Outright Monetary Transactions — was compatible with European Union law. -
SSA bankers lauded Portugal on the timing and execution of a dual tranche benchmark deal on Tuesday, as investors ploughed into the offering. Elsewhere, Spain revealed its syndication plans for 2015 and Italy broke records at the long end of the curve.
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The Slovak Republic has launched its new 12 year euro bond at 56bp over mid-swaps after a quick 2.5 hour execution process that began on Tuesday morning.
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Portugal is set to visit the 30 year part of the curve for the first time since 2006, after mandating banks for a rare dual tranche deal on Monday. Italy and Spain are also rumoured to be looking at euro deals this week, which is already busy with auctions in the eurozone periphery.
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The Slovak Republic has mandated banks for a 12 year euro-denominated bond. With the sovereign’s curve trading tightly, bankers are suggesting that Slovakia may need to pay a decent new issue premium to tempt investors.
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Emmanuel Smiecench has left Société Générale where he was head of SSA syndicate in London, covering both emerging market and investment grade deals.
