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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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The UK’s debut offshore renminbi bond — the first from a non-Chinese sovereign — was almost twice subscribed despite being larger than expected. The deal marks the largest new issue from an international sovereign, supranational or agency in offshore renminbi. -
The UK’s debut offshore renminbi bond — the first from a non-Chinese sovereign — was almost twice subscribed despite being Rmb1bn ($162.8m) bigger than market participants expected.
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The UK showed the enticing possibilities of the offshore renminbi market for sovereigns after it drew more than Rmb5.5bn ($900m) of orders to a debut deal that was priced at the tight end of guidance. Such was the strength of the demand that the sovereign was able to print Rmb3bn — Rmb1bn more than had been expected by market participants.
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The UK looks to have laid down a serious marker for other sovereigns wishing to follow it into the offshore renminbi market, with the book on its debut deal over twice subscribed and guidance well inside initial price thoughts as of Tuesday morning London time.
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The UK government opened books for its debut renminbi-denominated bonds on October 14. The three year deal was first offered with price guidance in the area of 2.9%, before being cut to 2.75% area in the late afternoon Hong Kong time.
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Record remittances from Bangladeshis living abroad have negated the country’s need to issue international debt, the finance minister told Emerging Markets.
