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◆ Island region prices €500m sustainable 10 year ◆ Spread tightened 5bp from guidance after book grew ◆ Banker away from deal sees no congestion drag
◆ Rhineland-Palatinate's ISB pays a slim premium to print ◆ No-grow deal fully subscribed despite thinned-out market ◆ Brandenburg's ILB lines up three year
◆ Fair value estimated ◆ 'No fatigue' despite ongoing supply ◆ Increasing international investor base
Issuer has now completed dollar funding for the year, three euro deals planned for post-summer
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Public sector borrowers soaked up huge demand in the euro market on Tuesday including the State of North Rhine-Westphalia, which printed its biggest ever 100 year bond despite offering a yield of less than 1%. -
Public sector borrowers wasted no time in getting back to business in the euro market in 2021 with one live deal and four mandates all hitting screens on Monday as issuers look to take advantage of an almost full trading week and a supportive market to make a dent in their brand new funding programmes.
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The MTN market has had a tough year, as central bank support programmes and rampant public market issuance ate away at the volume done in private markets. Most notable was the 42% decline in bank issuance, which made up the majority of the year’s fall in MTN volume.
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Public sector borrowing has been the backbone of the global economy’s response to the unprecedented economic and humanitarian disaster of Covid-19. Sovereigns, supranationals, agencies and regions rose to the new challenge, displaying more ingenuity and ambition than ever in their selection of market, format, currency and tenor and producing some truly spectacular deals. Borrowers throughout the SSA class had to adjust their funding programmes after the first quarter — many to double or even treble their requirements. Contending with inflated funding needs, as well as a market beset by severe dislocations, required unusual flexibility and creativity. Amid all that, SSA borrowers managed not simply to raise the sums required, but to push forward market attitudes to SRI debt and to new risk-free-rates products.
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The SSA market faced unprecedented challenges in 2020. Funding requirements were inflated by unexpected needs from the pandemic, and the market was busier than ever thanks, in no small part, to the EU’s entrance as one of the sector’s biggest borrowers. But with the exception of a difficult period in March, SSA issuers made it through the year with scarcely a hiccup in their programmes. It’s an encouraging sign, but new challenges await next year. Some leading lights in the SSA community discuss the year they’ve had and the changes it has brought for them, as well as for capital markets more broadly.
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Southeastern Europe's Montenegro sold a euro bond on Wednesday which bankers say, especially because of its timing, is simply another sign of emerging market issuers being enticed by the strong credit conditions on offer.
