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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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All good things must come to an end, it seems, and it’s perhaps fitting it was a deal from Greece that hinted at a — perhaps temporary — end to the periphery’s impressive bull run in the first half of 2014.
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Read on to see how selected benchmarks are faring in secondary. Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data. -
Italy shrugged off a weak trading week for the eurozone periphery by setting two euro-era records and selling its maximum target of paper at auction on Friday.
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It was too good to last. A near constant stream of blowout deals since the start of the year for sovereigns in the eurozone periphery came to an end with Greece’s July 2017 bond this week.
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Greece braved the furore surrounding Banco Espírito Santo this week to print its second deal since receiving a bailout in 2010. But the trade fell short of some bankers’ expectations — both in volume and maturity — and some worried that the politically driven rigidity of the sovereign’s funding strategy could come back to bite it if there is similar volatility when it next comes to the market, most likely a seven year bond later this year, writes Craig McGlashan.
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The Republic of Iceland returned to euro syndications for the first time since 2006 this week, with a €750m six year bond that was almost three times oversubscribed and priced at the tight end of guidance. The issuer has plenty of time to consider its next move — its next redemption is in two years’ time.
