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◆ Steep government curve means investors need less spread on top ◆ French spreads widen, but AFD tightens ◆ Fair value 'a fluid concept' on inverted curve
◆ Early order book built before Middle East risk returned ◆ Seven year spread held steady as 'insurance' against volatility ◆ Format chosen to avoid straining 'finite pool of liquidity'
◆ Issuer brings another pre-summer deal to fund enlarged programme ◆ Tightening possible despite weakened backdrop ◆ Book not huge but quality 'extremely high', spreads 'decent' to KfW and Land NRW
◆ Issuer has only €2bn left to fund this year ◆ US-Iran war and French election news weigh on sentiment ◆ Curve widens, NIP hard to pin down
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Two SSA borrowers landed in the euro bond market on Wednesday while a third lined up business for next week. Issuers may still be achieving good results but bankers believe conditions are turning bad. -
The debate over whether SSA borrowers should pay less in underwriting fees has split the market since the EU told banks it would pay less than the standard rate for its €800bn Next Gen EU bond programme. It is "the only topic" under discussion, one senior SSA banker told GlobalCapital this week. Is it fair to pay banks less when central banks underpin the market, or will issuers jeopardise their position long-term? Here, we present arguments for an against a shake-up of the way banks are paid.
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Some bankers believe that the EU’s decision to unveil a new grid of lower syndication fees was unnecessarily disruptive, and that, if too many other SSA issuers follow suit, it could put at risk the level of competition among dealers.
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The SSA syndication fee schedule is no longer fit for purpose, if it ever was. The EU has kick-started the debate, but the flaws in the business model go well beyond the issues the EU's fees grid has raised.
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Public sector borrowers should be careful what they wish for. Those looking to follow the European Union’s lead in lowering the underwriting fees they pay to banks could cause an unwelcome distortion to their market at a time when getting funding through the door with minimal drama is perhaps more crucial than ever.
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A flurry of dollar issuance hit the market on Tuesday, covering a wide range of spreads and formats.
