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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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Portugal’s 12 month borrowing costs rose by the highest amount at auction in a year on Wednesday morning, suggesting that the sovereign is not immune to the problems engulfing Banco Espirito Santo. However, the result was tempered by trading in Portugal’s longer term debt, with yields down in everything longer than one year paper in secondaries immediately following the auction. -
A slight rise in Portugal’s 12 month borrowing costs at an auction on Wednesday morning failed to quell investor appetite for the sovereign’s longer dated debt, as its secondary yields fell across all tenors above one year following the auction.
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Luxembourg’s decision to issue its debut sukuk in euros seems to defy common sense, since it will be selling into a Gulf-dominated market where most investors are fixated on dollars. But the grand duchy is right to stick with the currency and sukuk market participants should welcome this unusual choice.
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Spain and Greece shook off a sell-off in their paper last week to push down yields at bill auctions on Tuesday. The result augured particularly well for Spain, which sells longer dated paper later in the week.
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Portugal’s 10 year spread to Bunds ticked down in secondaries on Monday morning, the second day’s trading in a row where its bonds have tightened — after a sell-off over the first few days of last week. That bodes well for an auction of Portuguese bills on Wednesday, while Spain and Greece are also in action in the coming days.
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The Republic of Senegal starts investor meetings next week for a Eurobond. Ivory Coast is already on the road for its own deal. Should both issuers pick the same maturity — 10 years is popular with African sovereigns — bankers on the Senegal deal expect the two credits to price close together. Analysts, however, disagree about specific yields, but think Senegal will have to price wider.
