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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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Banks working Pakistan’s first sukuk since 2005 opened books on November 25, even though the borrower was still on its roadshow. -
Opportunistic deals will form the bulk of syndicated euro issuance this week, with most SSA issuers either near or at the end of their funding tasks for the year. Other euro supply comes via auctions from Italy — whose 10 year yield fell to a record low on Monday — and the European Stability Mechanism’s final visit to the market this year.
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HSBC has shifted the public sector DCM coverage it had in New York to London. The move affects Kevin Galligan, who was told of the decision last week, it is understood.
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The Islamic Republic of Pakistan is set to tap the offshore debt market for the second time this year and is meeting investors for a dollar sukuk, which could mark the end of the sovereign’s nine year absence from Islamic financing.
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It might not quite rank with his “whatever it takes” speech from 2012 in terms of slashing eurozone periphery sovereign yields, but European Central Bank president Mario Draghi’s claim on Friday that the central bank will do “what we must to raise inflation and inflation expectations as fast as possible” had an instant effect on periphery performance. Italy is first in line to benefit, with a series of sales lined up for next week.
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Read on to find out how much funding European sovereigns have left to do in the final quarter of the year.
