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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.
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China’s Ministry of Finance’s (MoF) second auction of offshore China government bonds (CGBs) this year priced in line with market predictions on Thursday, with the curve flattening from the previous auction in May on the back of easing expectations, and spreads narrowing versus onshore paper. Particularly notable was the demand for the three and 10 year tranches, resulting in subscription levels of 4.32 times and 3.85 times, respectively. -
Auctions will be the main source of euro issuance from sovereigns, supranationals and agencies for the rest of the year, after the European Stability Mechanism this week opted against sounding banks for a syndication during its last deal window next week. But the market was strong for issuers that did come this week, with a pair of deals priced at the tight end of initial price thoughts.
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Spain breezed past its 2014 funding target for the year at an auction on Thursday and at levels close to its lows for the year. Meanwhile, Ireland held its first bill auction with a tenor longer than three months since 2010.
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The Australian state of New South Wales priced a landmark debut offshore renminbi bond late in the evening Sydney time on November 19, riding the momentum from this week's establishment of an Australian RMB hub to shave 10bp off initial guidance and hit its target size and funding cost.
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Finland returned to the sterling bond market on Wednesday with its first new deal in over a year. It came hot on the heels of Instituto de Crédito Oficial, which on Tuesday sold its first new issue in the currency in five years.
