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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 Grand Duchy of Luxembourg paid a clear premium over its conventional curve to sell a €200m inaugural sukuk this week. But this concession was down to the small size and not the sukuk structure, said debt bankers involved. A much bigger problem with the debut deal was Islamic investors’ lack of familiarity with just how measly euro rates have become.
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A particularly poor third quarter has seen CEEMEA volumes down almost threefold from the same period last year. With Russia and Ukraine all but shut out of the capital markets, bankers have also been faced with choppy markets and poor performing new issues.
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For the green bond market to flourish, it must be fully viable and survive without public sector support. But governments in developed countries have a clear deadline by which they have to make serious cuts to emissions and raise serious funds to help developing countries do the same — so any support to the burgeoning market in that time should be palatable.
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Austria priced a syndication on Tuesday at a level just 1.5bp over its secondaries. The deal marks Austria’s second venture into syndicated issuance this year, after a dual-tranched effort in May.
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Standard & Poor’s has upgraded India’s rating outlook to stable from negative, citing an improved political situation that opens the door to reforms for growth and better financial management. Its rating remains BBB-. -
Luxembourg is expected to price its inaugural Islamic bond through mid-swaps on Tuesday, having started execution around 10bp back of its conventional curve, said debt bankers away from the deal.
