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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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Mitsubishi UFJ has hired a senior MTN dealer as head of medium term notes, the latest move in the company’s efforts to grow its MTN business.
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Spain ratcheted down its borrowing costs in the five year and 10 year parts of the curve at auction on Thursday, with the sovereign possibly benefiting from its ever rosier economic outlook compared with its eurozone periphery peer Italy.
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Political risks started to loom on the horizon for the sovereign, supranational and agency market this week, as Russian troops assembled on the Ukrainian border, Italian economic figures revealed that the country fell back into recession in the first half of this year and even the possibility of Scotland’s independence from the UK flashed across market participants’ radars. -
Spain could benefit at a bond auction this week from poor growth figures from Italy, as investors’ attention is likely to shift to the faster growing of the eurozone periphery countries. But any boon for Spain would be a rare glimmer of joy amid a disappointing week for peripheral sovereigns’ yields.
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Greece shaved a few basis points from its short term funding costs at a bill auction on Tuesday. But its 10 year spread over Germany widened by around 20bp on Tuesday, compared to a few basis points of widening elsewhere in the periphery — a move that may be the result of the latest plans for its economic recovery.
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Portugal’s bond yields dropped in secondaries on Monday, along with most other eurozone periphery countries, after the Bank of Portugal’s decision over the weekend to split Banco Espírito Santo into a good bank — which will receive an injection of public funds — and a bad bank. While Portugal has no scheduled debt sales until a bill auction on August 20, Spain and Greece are both in action this week — and bankers are also predicting syndications for the periphery in a few weeks.
