Ireland

Eurozone sovereigns extend their syndication spree this week with Cyprus and Ireland mandating banks for new deals on Monday. Both sovereigns are preparing bigger funding programmes in response to the coronavirus pandemic.

A pair of sovereigns hit the MTN market to raise debt this week, looking for cash to meet increased borrowing requirements as they grapple with the coronavirus pandemic. Israel came to the MTN market this week printing paper to helpfund its Covid-19 response, while Ireland ventured out to the ultra-long end of the curve to print its fourth century bond.

In spite of an equity sell-off on Wednesday morning, Portugal was warmly received when it hit the market on Wednesday, printing its largest ever single tranche deal and generating more orders than ever before. The deal should provide confidence for Ireland, which is also planning a syndication.

C&C Group, the Irish drinks manufacturer and distributor behind brands like Magners, is set to debut in the US private placement market in the coming weeks, according to market sources.

SMBC Aviation Capital, an aircraft leasing company, has closed a $600m dual-tranche borrowing with 14 banks.

Davy has been appointed corporate broker to Flutter Entertainment, the FTSE 100 parent company of bookies Paddy Power and Betfair.

Rating: A2/AA-/A+

Investors piled into the euro public sector bond market on Wednesday, allowing borrowers to achieve well subscribed order books and minimal new issue concessions for a range of maturities.

Government bond yields have moved fast this week as investors adjust to the risks posed by escalating tensions between the US and Iran. That is having a knock-on effect on swap spreads and the two factors are combining to add complexity to new issue pricing in the SSA market. Nonetheless, issuers are pulling off aggressive and successful deals.

A strong reception for a five year euro benchmark by KfW on Tuesday was enough to lure in a hesitant flock of public sector borrowers to the euro market as the pipeline stacks up for Wednesday’s business.

Ireland’s National Treasury Management Agency (NTMA) on Monday announced a reduced borrowing programme for 2020.

After a day of global investor calls on Tuesday, Gas Networks Ireland and Radiotelevisione Italiana (Rai) launched sub-benchmark bonds on Wednesday morning. That followed a deal by Tamburi Investment Partners on Tuesday.