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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 Republic of the Philippines overcame an unusually sluggish market this week to print a $2bn bond as part of an accelerated switch process. The Asian bond market was quieter than normal in the first week of the year, thanks to high volatility caused by plummeting global oil prices and fears of a default in the Chinese property sector. -
Republic of the Philippines has become the first Asian issuer out of the blocks in 2015, launching a new 25 year bond and giving investors the option to switch out of 15 outstanding deals.
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Growing fears that Greece will leave the euro have so far failed to hit other eurozone periphery countries, boding well for an auction of Spanish debt later in the week.
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Rentenbank was the first SSA borrower out of the traps in dollars in 2015 after mandating banks for a global deal on Monday. The European Investment Bank and Kommunalbanken are also rumoured to be planning deals in the US currency.
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Having expected to hold off for a week or two, some sovereign, supranational and agency borrowers are rethinking their plans and contemplating the possibility of bringing forward euro issuance plans to this week.
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China’s Ningxia Hui Autonomous Region (Ningxia) is looking for new funding channels in 2015 and could opt for sukuk and/or conventional offshore dollar bonds for total funding of $1.5bn. A sukuk deal would make Ningxia the first ever Chinese issuer of sukuk, and tapping the offshore market would make it the first Chinese sub-sovereign issuer to tap overseas markets without using a subsidiary company as the issuing vehicle.
