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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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Pakistan has mandated four banks to arrange it’s second ever dollar denominated sukuk despite its conventional bonds having lost 3-4pts in cash since the start of June. -
Italy crunched down its short term borrowing costs at an auction on Tuesday, while Greece sold three month bills at the same yield a month ago. Italy’s yields were also down across the curve during the week — boding well for the traditionally busy month of September, when bankers believe the sovereign will sell another syndication — despite poor economic forecasts for the country.
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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.
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Greece's €1.5bn July 2017 from four weeks ago suffered a near 50bp widening versus Germany over the past week, as investors stormed into the eurozone core. But most safe haven assets like the World Bank's $1.75bn December 2016 from last week tightened against swaps and benchmarks.
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The narrowing gap over the course of this year between voters who intend to vote for Scottish independence and those who don’t may have been setting Gilt investors’ nerves on edge because of the potential impact of a UK breakup on their holdings. But they can breathe a little easier this week — thanks to an unlikely source.
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The eurozone periphery suffered one of its poorest weeks of the year, as a sanctions battle between Russia and the west pushed investor cash into core European debt. But with Spain driving down its funding costs at auction and periphery sovereigns well-funded — plus record low Bund yields leaving investors seeking yield with few options but to return to the periphery in the future — there were few concerns that the issuers will struggle to meet their funding targets this year.
