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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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Ethiopia made an impressive debut on Thursday, December 4, amid less than ideal market conditions. The recent sell-off in African sovereign bonds was of little concern to the sovereign which received strong investor feedback on account of its strong growth story and JP Morgan Emerging Market Bond Index (EMBI) eligibility. In addition, investors came away satisfied that the bond was priced sensibly. -
Sovereign and agency borrowers, convinced the European Central Bank will start buying sovereign bonds early next year, are becoming increasingly fearful that the arrival of an investor with very deep pockets will drive down SSA spreads to the point where it creates price distortion and long term damage.
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The UK Debt Management Office is preparing to take on a large increase to its funding over the next four financial years.
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Some gentle flirting rather than a promise of a sure fire thing from European Central Bank president Mario Draghi was enough to make investors lust after eurozone periphery sovereign paper this week, with Spain the luckiest in love as it sold debt at record low yields on Thursday.
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Ethiopia has launched its debut offering at 6.625% after circulating initial price thoughts of 6.75% area on Thursday morning. Bankers say the starting point was generous based on the current trading levels of other African sovereigns.
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The UK’s Debt Management Office has reduced its funding target for the 2014-2015 financial year by £1.3bn following the autumn statement by chancellor of the Exchequer George Osborne on Wednesday.
