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◆ New issue premium estimated ◆ Partial pre-funding ◆ Baden-Wuerttemberg 'through fair value'
◆ Attractive pick-up to KfW and other peers ◆ Atypical tenor no trouble ◆ SSA appetite strong
Pan-European stock exchange shares what was behind its recent decision to launch a defence bond label, how it may help both issuers and investors, and what lies ahead
◆ 'Amazing,' says rival banker ◆ Lack of 10 year issuance helped ◆ Pipeline for next two weeks 'looking good'
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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. -
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.
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KfW showed that pricing through mid-swaps is no obstacle at the start of 2015, as on Thursday it built a comfortably oversubscribed book on the first euro deal to come through swaps this year. The issuer plumped for a 10 year deal — an option also taken by Province of Quebec on Thursday and a tenor that many SSA officials think the European Financial Stability Facility will take next week.
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Having expected to hold off for a week or two, some sovereign, supranational and agency borrowers are rethinking their plans and contemplating the possibility of bringing forward euro issuance plans to this week.
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China’s Ningxia Hui Autonomous Region (Ningxia) is looking for new funding channels in 2015 and could opt for sukuk and/or conventional offshore dollar bonds for total funding of $1.5bn. A sukuk deal would make Ningxia the first ever Chinese issuer of sukuk, and tapping the offshore market would make it the first Chinese sub-sovereign issuer to tap overseas markets without using a subsidiary company as the issuing vehicle.
