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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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Sweden is set to capitalise on strong demand for top quality issuers at the short-end of the dollar curve, having hired banks for a two year on Wednesday. The last issuer to tap that part of the curve — the Inter-American Development Bank on September 3 — attracted $5.2bn of orders.
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Republic of Poland made a rare visit to the Swiss franc market on Wednesday, printing a seven year bond — its first issue in the currency since 2012. But despite the print bankers expect SSA issuers to remain rare in Swiss francs over the coming weeks because of the enticing levels on offer in euros coupled with movements in the euro/Swiss franc basis swap.
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Asian Development Bank printed its first seven year line in Canadian dollars on Tuesday — also the issuer’s first issue in the currency for over seven years.
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The Kingdom of Bahrain was on track to price the first dollar bond from the country this year on Tuesday, having released initial price thoughts for a 30 year bullet bond on Tuesday at low 6%. -
Portugal will rely on auctions rather than syndications to finish off its funding business for 2014, but it could also be open to selling privately placed debt — a technique used by Spain last week to sell its longest dated bond ever.
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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.
