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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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Last week the International Capital Market Association published updated documentation for sovereign bonds — including revamped pari passu clauses and an array of collective action clauses that go even further than the euro area model CACs that have been mandatory for eurozone sovereigns since January 2013. As market participants digest the revisions, read on for in depth coverage of the motivations behind the change and market reaction.
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The European repo market shrank slightly over the year, according to ICMA’s latest repo market survey, one of the only meaningful datasets on the fragmented market. Total contracts outstanding were €5.78tr at the end of the first half, against €6.08tr in June 2013.
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The International Capital Market Association’s move to introduce more certainty to sovereign restructurings with proposed documentation deserves nothing but praise.
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From being all but frozen out of the capital markets a little over two years ago, eurozone periphery sovereigns could soon be in the position to dictate terms and push investors on duration, said bankers this week, following Portugal’s return to the 15 year part of the curve for the first time since the collapse of Lehman Brothers and Spain’s longest ever print. New measures from the European Central Bank that sent yields tumbling could put the sovereigns in an even stronger position, although that might not extend to Greece, which is planning a seven year bond for later this year.
