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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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Portugal breezed through its longest dated syndication in more than six years — and its first euro benchmark since leaving its Troika bailout programme in May — building a book close to €9bn for an October 2030 bond in under two hours on Wednesday morning
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Spain showed the rewards of being creative with its longest ever bond of the euro era on Monday, chopping €1bn from its funding needs with a deal that will mature when the eurozone debt crisis is a matter for history books, not newspapers. With more dovish measures possibly on the horizon at this week’s European Central Bank meeting, issuers could soon find that such deals are the best way to add some duration to their debt profiles.
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Books for the Republic of Indonesia’s 10 year sukuk are building up with bids already surpassing the $2.5bn mark by early afternoon September 2, according to bankers. -
Extending average debt maturities will be very much the theme of issuance from the Iberian Peninsula this week, after Portugal mandated banks for a new 15 year euro benchmark on Tuesday and Spain readied some long dated auctions after printing its longest ever deal on Monday. Elsewhere in the periphery, Greece shaved a couple of basis points from its six month funding costs at auction.
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The Inter-American Development Bank hired banks on Tuesday to run an unusual two year dollar global, while Finland announced its second five year benchmark in a week, this time in dollars, and looks set to manage the rare feat of pricing a dollar benchmark in that maturity through swaps.
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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.
