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◆ €18bn blockbuster executed in June ◆ Book size and quality both comparable to January ◆ Greece, Sweden to conclude sovereign pipeline for H1
◆ Lead points to high-quality book ◆ Subscription ratio slips from prior tap ◆ Maturity had 'pretty clear consensus'
‘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
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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. -
Keeping the eurozone together is proving to be very much a Sisyphean task for European Central Bank president Mario Draghi. Just as he was about to push the boulder of sovereign quantitative easing to the crest of the hill of German intransigence, it started rolling back down at the same pace as Greek bonds plunged this week.
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Standard Bank — Bulgaria
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Although the eurozone sovereign debt market shrugged off a collapse in Greek bonds this week after the country brought presidential elections forward, other periphery countries could still see sell-offs around their own votes next year, bankers warned this week.
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Fears that the Ukraine may suffer a sovereign default have intensified after the IMF found the country needed an additional $15bn to avoid financial collapse. While the IMF and US may get the country through the current liquidity crisis, its longer term outlook is now very weak — with one research house putting the likelihood of its 2017 debt being rescheduled at 70%.
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The take-up of the European Central Bank’s Targeted Longer Term Refinancing Operation, widely seen as an indicator of whether the ECB will look to buy sovereign, supranational or agency paper in 2015, on Thursday was at the lower end of expectations — meaning that the ECB is more likely to expand its bond buying operations.
