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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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Italy broke its third euro-era record of the week at an auction on Wednesday morning, as analysts tipped the country and its eurozone periphery peers to keep rallying in the coming weeks. But while Spain was basking in its best quarterly growth figures since late 2007, worries about Italian prime minister Matteo Renzi’s ability to force through political reform could hit sentiment for his country’s debt in the longer term.
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Italy hit new lows in its borrowing costs for the third auction in a row this week on Wednesday, but the sovereign — along with Greece — could be more at risk to fallout from the latest European Union sanctions imposed on Russia than the rest of the eurozone periphery.
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Ireland’s finance minister Michael Noonan has proposed refinancing part of Ireland's bailout loans from the International Monetary Fund, while keeping its less expensive borrowing from the European Union — a decision that contravenes the original terms of the programme. It is good news that Ireland is strong enough to even consider this option, but EU leaders should think of the precedent it sets before agreeing.
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The UK Debt Management Office raised its largest ever book for an inflation linked syndication on Tuesday when it opened a new 2058 line.
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Italy looks on course to auction 10 year debt in euros at its lowest ever yield on Wednesday, just a day after it broke its six month yield record. But with prime minister Matteo Renzi struggling to feed some of his latest reforms through his country’s treacly political system, the buy side might lose its appetite for BTPs, analysts warned on Tuesday.
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Ireland is seeking to reduce its near term redemption pile as part of its recovery process after coming off International Monetary Fund and European Union support last year, the country’s National Treasury Management Agency has said. It is also seeking to refinance some of its IMF loans early, but not its outstandings with the EU — a move that is likely to prove more tricky politically, said analysts.