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Performance compared to peers and quality of demand 'really impressive'
◆ Spread set at starting level ◆ Floor in sight for agencies ◆ 'Success for Kommuninvest'
◆ Supra prices inside peers’ seven year deals ◆ Slim NIP paid after 3bp tightening ◆ ‘Very strong day’ for SSA market
◆ Sharp landing through a noisy open ◆ Grinding towards US Treasuries ◆ Bankers praise execution but warn of residuals building
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The political upheaval in Italy is already making US investors go cold on European risk, which could magnify the market disruption Europe is likely to face in the coming months. The effects are even changing expectations on US monetary policy.
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MTN borrowers have not yet altered their issuance levels to take account of the violent moves in curves, led by Italy, over the past two weeks — leaving the euro market all but deserted. -
Government bond yields and swap spreads suffering a state of vibrato from the political fugue in Italy this week led to near silence across the primary public sector bond market. But issuers are hopeful a period of relative calm late in the week will last — although they admit investors are holding the baton.
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Nomura has hired a head of international environmental, social and governance syndicate from a rival firm. It is believed to be the first time a bank has hired a full time syndicate person to be dedicated to green and sustainable bonds.
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Short end dollars should provide a shelter for any SSA borrowers looking to fund amid the Italy-led tumult in the euro market, said bankers on Tuesday — although finding any willing to do so is proving tricky.
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Bond market havoc following the Italian president’s decision to appoint a technocratic government has shut the euro market for most public sector borrowers. Volatile swap spreads are making issuance near impossible, while an “enormous” flattening in Italy’s curve is of particular concern for that sovereign, said one head of SSA syndicate.
