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◆ Tightest 10 year Länder bond this year ◆ Big book leads to 4bp spread move ◆ Deal still three times covered, green element was key
◆ One deal was judged ‘relatively tight’... ◆ And the other ‘definitely cheap’... ◆ ... though fair value tough to spot
Issuance recovers from last week’s wobble but concerns linger after issuers like KfW widen
◆ Sovereign rides post-EU momentum, beats size target ◆ Deal priced flat to fair value ◆ Thuringia oversubscribed but Länder books shrink
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Undeterred by political risks, investors are moving back into emerging market currencies in an effort to combat the wafer thin or, in some cases, negative yields in core markets. Lewis McLellan reports. -
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European agencies are enjoying new funding avenues, with more issuers planning to enter the green bond market this year while others are seeking to boost the nascent social bond market. Such diversity in sources is taking pain from other areas, however, with arbitrage opportunities limited in emerging market currencies.
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Thanks to negative yields in euros, the level of demand for new issuance at the shorter end of the SSA market in dollars has shocked even the most prolific borrowers. It’s not just been at the short end either — the World Bank and KfW generated a combined $14bn for their $5bn trades in May — prompting some to remark how mature the dollar market has become. Philip Moore reports.
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Supranational issuers have left a difficult start to the year firmly behind them, with funding opportunities now available in a range of tenors and currencies. A more benign interest rate outlook in the US compared with the start of the year, along with increased interest from the enormous US investor base, are opening up avenues in dollars. In euros, despite record low and in many cases negative yields, funding opportunities exist across much of the curve.
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Volatility and changing demand have forced issuers to change their style of issuance in the Kangaroo market, printing smaller deals to demand rather than benchmarks. But the market has not stopped providing valuable opportunities for duration and arbitrage. By Lewis McLellan.
