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An public sector issuer breaking a record with a deal this week became so common a claim it began to sound like, well, a broken record. But questions remain about how robust demand really is
Markets ‘not out of the woods yet’ as large sovereigns shorten execution process to de-risk issuance
Huge order book allowed the issuer to increase size of five year dollar trade
Issuer had already pre-funded in dollars earlier this year
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The equity capital markets in Italy are expected to be busy in 2014. As banks rebuild their capital bases and the government embarks upon an ambitious privatisation scheme, market participants are optimistic about a return to form for the Italian equity sector, finds Nina Flitman.
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Read on to see how deals priced earlier in the year 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. -
The pools of liquidity available to Spanish issuers is growing steadily, as the Community of Castile and León drew more international demand for a 10 year bond than regional neighbour Madrid achieved just two weeks ago — and the Spanish sovereign accessed new investors through a Schuldschein placement.
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Castile and León made the best possible return to the syndicated bond market after a 15 month absence on Tuesday, more than doubling its record volume and pricing at a spread tighter than where its neighbour Madrid priced a deal of similar tenor just two weeks ago.
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Castile and León is set to become the first Spanish issuer to take advantage of an upgrade for the Spanish sovereign, after mandating banks for its first syndication in two years. Across the border, Portugal — which analysts view as a major beneficiary of Spain’s upgrade — is set to buy back debt later this week in a move that could help it make for a clean break from its Troika bailout package.
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Read on to see how deals priced earlier in the year 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.
