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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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This week's funding scorecard looks at how European sovereigns have started their funding programmes for 2015.
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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. -
Republic of Indonesia started 2015 in style on January 8 with a $4bn dual tranche behemoth that was five times subscribed. The overwhelming demand meant the sovereign was able to shave 150bp off its funding costs.
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An unexpected urgency is sweeping through the euro sovereign, supranational and agency market as borrowers shed their previous reluctance to frontload this year’s funding programmes and rush deals out. Although conditions are notably less benign than this time last year, issuers now fear them worsening later this month due to macro events in the eurozone.
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Eurozone periphery yields dipped on Thursday after the latest sovereign bond buying wink from European Central Bank president Mario Draghi. That bodes well for Italy, which has a pair of auctions lined up for next week, while Spain was able to cut its long dated funding costs at auction on Thursday.
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The Republic of Turkey re-opened the CEEMEA bond market in 2015 on Wednesday with a $1.5bn tap of its 2043s. Turbulence across EM and falling oil prices played to Turkey’s favour with the bond offering a haven to nervous investors. But as a result of the recent volatility, the country paid a decent new issue premium, bringing in a $5bn book.
