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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 has taken another step to limit institutional participation in its retail focused BTP Italia bonds, introducing an allotment element for the first time. The sovereign released the details ahead of a series of auctions later in the week.
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Scotland’s rejection of independence late this week started to cause ripples in a wider pool of capital on Friday morning, as Spain — facing its own separatist movement in Catalonia — tightened against Germany. But the move reversed later in the day after Catalan president Artur Mas insisted an independence vote in the region would go ahead.
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Spain wiped nearly 13bp from its three year borrowing costs at auction on Thursday, while investors lent Ireland three month cash for free. But periphery yields may have even further to fall, after take-up at the European Central Bank’s first targeted longer term refinancing operation (TLTRO) fell below analysts’ expectations, suggesting the central bank might have to dip into its dovish box of tricks once again.
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With just 96 shopping days left until Christmas and a sleepy market, the topic of some MTN desks’ conversation had already turned towards organising festive drinks earlier this week.
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The Republic of South Africa printed a debut sukuk this week, which represented a tightly priced first foray into a new investor base for the issuer and a benchmark for the country’s corporates to follow, said bankers on the deal. But their counterparts away from the transaction questioned the claims of tight pricing and pointed to what they saw as a sour performance in the secondary market.
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South Africa printed the continent’s first international sukuk deal on Wednesday, offering a valuable benchmark for South African corporates, state-owned enterprises and other African sovereigns. South African SOEs like Eskom are among the borrowers considering sukuk as a new funding tool, but SOEs need the South African authorities to amend its tax policy in order to pave the way for follow on sukuk.