The Mumble
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The Mumble: the tail risk is still there
Publish date | 08 March 2013
Despite the speed at which the market bounced back from shambolic Italian elections last week, it is not back to full heath.
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The Mumble: A market for all seasons
Publish date | 01 March 2013
The SSA market shows no sign of giving up its stellar form despite the setback of a rudderless Italy this week. The fact that nobody is in charge of the eurozone’s third largest economy, the world’s fourth largest bond market and, if you believe the naysayers, a country smack bang in the middle of the eurozone’s troubles.
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The Mumble: What’s in a premium?
Publish date | 22 February 2013
The euro market was easily outshone by dollars this week. While it produced a pair of benchmarks that were comfortably oversubscribed, the concession that issuers had offered contrasted sharply with dollars, where three issuers priced $13bn of debt in just 48 hours at levels right on top of their curves. But that’s no reason for despair, the euro market is still robust.
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The Mumble: SSA Markets receives a data boost
Publish date | 15 February 2013
SSA Markets this week unveiled several exciting new features to help you get to grips with sovereign, supranational and agency bond markets.
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The Mumble: Opportunity knocks for the nimble
Publish date | 08 February 2013
The euphoria of January is over, and bankers will be looking forward to the respite that the Chinese New Year holiday next week traditionally brings. But it’s no time to sit back and relax — issuers would do well to sneak in with smaller, opportunistic, prints next week.
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The Mumble: In praise of undersubscribed deals
Publish date | 01 February 2013
The European Bank for Reconstruction & Development and Spain’s Instituto de Crédito Oficial gave SSA bankers cause for pause this week, producing a pair of deals that, while they were not exactly unsuccessful, had book builds that were a far cry from the rolling around in piles of money exercise that the bulk of supranational and agency syndications have been partaking of so far this year. But rather than being a sign of the SSA rally running out of steam, these deals are an important sign of market robustness.
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The Mumble: Madrid — a painful precedent Publish date | 25 January 2013
The football club Real Madrid have for more than a decade been synonymous with a spend now, worry later strategy that has led to short term success at the expense of long term stability. The team’s home region is taking a similar approach to its funding, setting an alarming precedent for other issuers in the eurozone periphery.
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The Mumble: Sunny outlook, but stormy weather on the horizon
Publish date | 18 January 2013
The snow is falling in London but the chill over the eurozone periphery has lifted. Italy and Ireland have both returned with deals, a Spanish syndication could be imminent and there is even chatter of Portugal plotting a comeback.
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The Mumble: Lead managers should disclose their orders
Publish date | 11 January 2013
The Belgian 10 year syndication was a good looking trade but amid the obvious good news of a €7bn book and pricing through guidance, there was a feature of the syndication that may have been missed by most but would be a welcome feature to public sector bookbuilding exercises.
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The Mumble: SSAs would do well to raise funds quickly
Publish date | 04 January 2013
The EIB laid down a statement of intent with its £1bn blockbuster this week. The European supranational’s opener for the year suggests it is trying to get maximum cash through the door while the going is good. Despite the positive market tone driving some issuers to wait and see rather than pile in, they should tend towards the EIB’s tactics.
