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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 European Securities and Markets Authority said outstanding EU sovereign debt reached a new record high in the first quarter this year, hitting €11.5tr, or 88% of EU GDP. In the eurozone, the total was €9.1tr or 93.9% of GDP (against the 60% required under the Maastricht treaty), according to the regulator’s Trends and Vulnerabilities report.
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Indonesia proved it had come of age as a sukuk issuer this week. The issuer built its largest orderbook ever for an Islamic deal and beat its yield target as a result. But more important was the tenor. The sovereign enticed a host of accounts — new and old — into what was its largest and longest dated sukuk yet. -
Spanish 10 year yields fell by the largest month on month amount at auction since September 2012 and the sovereign wiped nearly 50bp from its 30 year borrowing costs on Thursday morning. There was further joy for periphery sovereigns later in the day, with yields falling after a European Central Bank meeting — boding well for a planned Greek seven year bond later in the year.
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Whether it is because investors have full faith in the eurozone periphery recovery story, are desperate for yield or a bit of both, there was little doubt this week that sovereigns in the region will be able to extend their average maturities in the coming months.
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The Republic of Indonesia launched a $1.5bn 10 year sukuk on Tuesday afternoon, enjoying a smooth bookbuild that left the deal fully subscribed early on in execution. Pricing was fair from the outset, said investors, who were rewarded with a 20bp premium over where the issuer’s conventional dollar bonds were trading.
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Finland priced an oversubscribed five year dollar global on Wednesday, printing at the tight end of initial price thoughts and at the upper end of its size target. The Inter-American Development Bank, meanwhile, sold a $3.25bn two year inside initial price thoughts.
