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Sovereigns

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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'
SSA
‘Very normal market’ despite ongoing war and volatility to support another wave of new issues
SSA
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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  • This week's scorecard covers the funding progress of sovereign issuers, with all of the eurozone periphery comfortably ahead in their programmes despite some wobbles in secondaries over the past month.
  • SSA
    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.
  • Luxembourg, which is gearing up to sell the first euro denominated sovereign sukuk, is set to meet investors in Asia, Europe and the Middle East at the end of September. It has hired a pair of banks to lead the project.
  • Pakistan has mandated four banks to arrange its second ever dollar denominated sukuk, despite its conventional bonds having lost 3pts-4pts in cash since the start of June.
  • SSA
    Eurozone periphery sovereigns enjoyed a boon ahead of bill auctions next week, as their spreads tightened versus Bunds on Thursday morning — despite German yields hitting record lows — following miserable growth revealed in second quarter GDP data for the currency bloc.
  • Eurozone periphery sovereigns were big winners in advance of bill auctions next week, as their spreads tightened versus Bunds — despite German yields hitting record lows — following miserable growth revealed in second quarter GDP data for the currency bloc.