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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, which on Monday hit a euro-era low on an auction of two year paper — the fifth time it has done so this year — can expect to enjoy further yield declines in the coming weeks, say analysts.
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There was a time a few years ago when many talking heads enjoyed saying “X is the new Greece”, leading periphery politicians to reply: “We are not Greece” and — presumably — people in Greece to think: “Hold on, aren’t we Greece?” Such comments are great for headline writers and reflect the real fear of a eurozone breakup in 2011 and 2012. But they can also prove tricky. Pimco, for one, may well be rueing the comments of its former boss Mohamed El-Erian.
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Mega bond fund Pimco has been meeting issuers in Portugal to assess whether a sell-off sparked by concerns surrounding Banco Espírito Santo marks the time — after a five year absence — to plunge back into the nation’s debt. But the timing is a little bizarre.
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A strong cash position has allowed Italy to cancel a pair of auctions in August, while a boost in tax revenues let Spain reduce its gross funding target for the year. But there will still be plenty of opportunities for investors to grab the sovereigns’ paper over the next month.
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The African sovereign bond market has come of age, with debt bankers expecting this year’s successes to encourage debut transactions, as well as more regular issuance and diversification into euros from established names. Senegal’s seven times subscribed $500m 10 year bond this week was just the latest deal to surprise bankers, with an aggressive starting point and even tighter finish. But the current open mouthed surprise at what African sovereigns can achieve could soon be forgotten as deal after deal attracts a huge order book despite slim new issue concessions. Steven Gilmore reports.
