Sweden
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The three year part of the dollar curve took centre stage for public sector issuers this week, having played second fiddle to fives so far this year. Issuers were met with just as strong a reception in the short end of the curve as they have enjoyed in fives so far — and SSA bankers believe some could be tempted to test the longer end. -
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Dollar SSA deals are showing little signs of a hangover from a public holiday in the US on Monday, with all three of Wednesday’s trades well over subscribed and pricing inside guidance.
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Execution in the euro SSA market keeps getting better. New issue premiums are sliding as market participants adjust to new yield and spread levels, according to bankers and issuers.
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A widening in dollar swap spreads since the end of last week should help support a trio of dollar deals on screens for Wednesday’s business, said SSA bankers.
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The euro market, despite an increasingly hawkish central bank and strengthening euro, is proving immensely popular with borrowers. A pair of sovereigns hit screens on Monday for euro trades, as did two Nordic agencies.
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Appetite for quality dollar issuance is strong as 10 year Treasury yields hover above 2.54%, prompting two borrowers to hit screens on Monday with dollar benchmarks.
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Issuers printed a slew of benchmarks in dollars, euros and sterling last week as the SSA market roared into action. Read on to see whether the first deals of the year won favour with our voters.
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Expectations that Sweden will issue a sovereign green bond have risen, as a government inquiry this week recommended the idea.
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The dollar bond market has been thoroughly supportive of this week’s SSA borrowers, but none more so than Sweden, which pulled in its biggest order book ever for its first deal of 2018.
