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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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Read on to find out how much funding European sovereigns have left to do in the final quarter of the year.
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Capital markets are rife with talk of the European Central Bank wading in to buy everything in sight in new markets in an attempt to stimulate economic activity in the single currency bloc. But although sovereign bond bankers are hopeful of attracting an official bid, corporate bond counterparts, whose market was at the forefront of speculation of an ECB visit earlier in the week, were unenthused about what would be an unwelcome guest. Jon Hay, Tessa Wilkie and Craig McGlashan report. -
Growing indications that the European Central Bank's moves so far have not been enough to boost falling inflation expectations, or improve a flat-lining real economy in Europe, have some market participants hoping that the central bank will unveil a round of sovereign bond buying to shock the economy back to life. But the ECB’s actions may fall short of expectations.
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Italy has sold its smallest BTP Italia since the dark days of the eurozone debt crisis, partly because of a sharp fall in retail demand. The lack of domestic interest — despite the coupon on offer increasing during the book build process — could be a warning sign for the sovereign, said analysts, although others argued there were more technical aspects at play.
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A pair of borrowers braved dollar issuance this week after volatility in US Treasuries last week led to a pair of undersubscribed deals. But so far the market recovery has taken the shape of a pair of ultra conservative German borrowers at the short end of the curve. Bankers will have to wait until next week to see an issuer test demand in the belly of the curve.
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Italy has sold its smallest BTP Italia since the dark days of the eurozone debt crisis, partly because of a sharp fall in retail demand. The lack of domestic interest — despite the coupon on offer increasing during the book build process — could be a warning sign for the sovereign, said analysts, although others argued there were more technical aspects at play.
