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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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Spain could wrap up its funding target for the year at an auction of three and five year debt on Thursday, but while the yield is likely to fall on the shorter bond the longer dated paper’s yield is set to rise. Meanwhile, Cassa Depositi e Prestiti looked set to pass its first syndication test since May after setting pricing on a January 2018 bond at the tight end of initial price thoughts on Wednesday. -
Bankers expect the next auction of offshore RMB bonds in Hong Kong by China's Ministry of Finance (MoF) to come on Thursday, with analysts predicting a bumper response, particularly in the short dated tranches. Earlier this month the MoF said that the Rmb12bn ($1.9bn) sale, its second auction of the year, would come in the week of November 17.
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The European Central Bank’s room to manoeuvre is being crushed as more and more voices call for it to embark on full scale quantitative easing by way of the purchase of sovereign bonds. But a senior sovereign funding official for one of the countries most likely to benefit from further spread compression in the eurozone offered a scathing assessment of the disruptions such a programme could cause.
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Spain can afford to cancel one or more of its remaining three bond auctions this year, after a sale of inflation linked debt on Thursday took it to within a few billion euros of its target for the year. Italy’s yields fell to a euro-era low at a sale of 15 year debt, but it was a different story for the sovereign at the shorter end of the curve.
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Egypt's Euroget de Invest failed to price its inaugural Eurobond on Wednesday despite widening price guidance to 12%.
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Anthony Julies will take over as the South African National Treasury’s head of asset and liability management before the end of the year.
