Belgian Sovereign
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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. -
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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A senior funding officer at a European SSA has crossed the aisle to take up a syndicate position at an investment bank.
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KfW and Dexia Crédit Local are first out the blocks in what looks set to be a busy euro market for public sector borrowers this week.
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Belgium will issue its first sovereign green bond in the first quarter of 2018. Several countries in southern Europe are investigating the option, but they are less likely to issue in the near future.
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Yves Dupuy, Société Générale’s former chief information officer for global banking and investor solutions EMEA, has joined post-trade infrastructure company Euroclear as its CIO, a newly created role.
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Last week's crop of benchmarks have been subjected to the scrutiny of the BondMarker voters and, on the whole, they were pretty impressed.
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It was a week of blistering conditions in the SSA dollar market but the pace of issuance has slowed a little in comparison to the glut that defined the few weeks of September.
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Two more public sector borrowers brought strong trades to finish a bumper week of dollar deals, both printing $1.5bn of short end dollar paper.
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A glut of short end dollar issuance this week is set to ramp up on Thursday, after a pair of rare names in the currency mandated on Wednesday. The trades will follow a strong showing from Finnvera after the Finnish agency — also an uncommon name in dollars — printed its largest ever trade in the currency.
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Strong short end dollar demand led a host of issuers to print tight deals this week, including one debut. Investor appetite is expected to stay strong, but bankers are sceptical that there will be much supply.
