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Portugal and KfW lead euro supply with five year as dollar market focuses on second AfDB hybrid
◆ 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
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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. -
Market participants have been dealing with a raft of regulation since the global financial crisis first hit seven years ago. While those in the sovereign, supranational and agency business welcome a stronger banking system and more robust markets, they are increasingly worried about the unintended impact of policymakers’ actions. Tessa Wilkie reports.
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As more and more borrowers line up to join the offshore renminbi market, Asian currencies look set to play an increasingly important role for SSA issuers in the year ahead. Jonathan Breen finds out which local currencies borrowers and bankers are placing their bets on.
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The eurozone economy is in a catatonic state, with falling growth and inflation expectations. But the oodles of liquidity in the system and an ever more dovish European Central Bank means the funding outlook is, on the face of it, strong for the currency bloc’s sovereign borrowers. However, an uncertain political environment, the risk of ECB measures backfiring and the reams of sovereign debt still held by domestic investors provide plenty of concern for 2015. Craig McGlashan reports.
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Declining deficits and debt levels, driven by a renewed commitment to fiscal discipline, is leading to a reduction in the size of the funding programmes of Australia’s states. Growing scarcity value, twinned with very strong credit profiles, is likely to lead to a continued compression in the spreads between semis and commonwealth government securities (CGS). The opportunities that are arising as a result were discussed at the GlobalCapital Australian semi-governments roundtable.
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An unexpected urgency is sweeping through the euro sovereign, supranational and agency market as borrowers shed their previous reluctance to frontload this year’s funding programmes and rush deals out. Although conditions are notably less benign than this time last year, issuers now fear them worsening later this month due to macro events in the eurozone.
