Cyprus
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The European Financial Stability Facility took the spotlight in the euro public sector bond market on Monday with an intraday execution ahead of a busy week. The European Investment Bank, Council of Europe Development Bank, Spain and Cyprus have all announced new deals. -
Greece returned to the capital markets this week with its fourth syndicated bond of the year as it tapped its 10 year note at a record low yield. Meanwhile, Cyprus is set to go on a global roadshow to plan its funding for 2020.
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Cyprus is packing its bags for a month-long set of investor meetings in the US and Europe as it looks to plan its funding programme for next year.
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After pushing out its yield curve to 30 years this week, Cyprus is keeping an eye open for issuing even longer maturities, according to an official at the country's Public Debt Management Office (PDMO).
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Cyprus received strong investor demand for its longest ever bond on Wednesday, with the combined order book for the dual tranche trade topping €10bn at the final terms.
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The Republic of Cyprus mandated banks on Tuesday for a dual tranche comprising new five and 30 year bonds, with the latter the longest ever bond sold by the sovereign.
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The engine driving the SSA euro market has found a new gear as borrowers and investors turn their attention to the hitherto underserved long end of the curve. The overwhelming demand they received this week is likely to encourage more borrowers to follow.
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Cyprus printed a first 15 year benchmark on Tuesday, pushing out its curve and receiving orders of over €8bn. Despite the strong demand, the borrower elected to keep the size of the deal to €1bn, despite leads announcing on Tuesday morning that the size would be up to €1.5bn.
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The Republic of Cyprus has come to market for a euro Reg S benchmark, looking to follow up on its record breaking effort in late 2018 and extend its curve from 10 to 15 years.
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The European Financial Stability Facility (EFSF) and Agence Française de Développement (AFD) became the latest issuers to enjoy a strong euro market this week, and there is more supply to come.
