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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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Italy could break its euro era low yield for a 15 year bond auction on Thursday if secondary levels from Wednesday hold, while Spain looks set to wipe around 60bp from its 10 year inflation linked borrowing costs. -
Christmas could be coming early for any sovereign, supranational or agency issuer willing to tap the euro market in the next few weeks, after the European Central Bank’s covered bond buying programme opened up the chance to screw in swap spreads a few basis points further on what has been a year of ever tightening pricing. At least two issuers are expected to hit screens in euros later on Wednesday.
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Portuguese and Italian spreads over Bunds narrowed on Monday ahead of a busy week of auctions for countries in the eurozone periphery.
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A senior medium term note and private placement trader has resigned his position at BNP Paribas.
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Portugal has revealed the details of its next bond sale, where — if secondaries stay stable — the auctioned paper is likely to be priced roughly in line with its last auction in June, but is 30bp off its 2014 lows after a sell-off last month.
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Read on to see how selected benchmarks are faring in secondary. 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.
