HYBRIDS: Repsol (REPSM Hyb: Baa3/BBB-/BBB-) Tender Size Set
Jun-18 08:55
* A formality but Max Acceptance Amount confirmed at 750m for REPSM 3.75 NC26 * 100.80 = 2.589% YTC ...
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SONIA: OPTIONS: SFIU5 96.15/96.35/96.55 Call Fly Lifted
May-19 08:54
OPTIONS: SFIU5 96.15/96.35/96.55 call fly paper paid 2.75 on 5K.
NORWAY: 10-year Benchmark NGB Tap Mandate In Line With Expectations
May-19 08:44
Oslo Bors: "The Kingdom of Norway, rated Aaa/AAA/AAA (all Stable) by Moody's/S&P/Fitch, has mandated Danske Bank, DNB Carnegie, Nordea and SEB to lead manage its forthcoming benchmark tap issue of Norwegian Government Bond (NGB) 3.750% 06/12/2035 (ISIN NO0013475558). The transaction will be launched in the near future, subject to market conditions. FCA / ICMA Stabilisation." Additionally, the "auction of government bonds scheduled for Wednesday, 21 May 2025, has been cancelled".
- In line with expectations: Norges Bank wrote in its Q2 issuance plan that "in May or June, Government Debt Management plans to reopen an existing bond through syndication. This will entail that one of the announced bond auctions in May or June will be cancelled".
- In recent weeks, SEB and Danske research analysts have highlighted that a transaction in the 10-year benchmark was most likely, and looked for a NOK10-15bln transaction size.
- On pricing, Danske wrote on May 9 that: "If they do the 10Ybenchmark, then we expect they will have to give a modest new issuance concession of a few bp such that it will be priced around MS+0bp. This is line with what we see in the primary market in Europe, where the SSA deals typically come with a modest new issue concession. In this case the Debt Office should have no problems in selling the 10Y
benchmark even though we have not seen the same performance so far as in previous years and the ASW-spread curve has become very flat as shown below". - Meanwhile, SEB wrote on May 12 that "some concession is already seen in the market" for the 10-year benchmark.
EFSF ISSUANCE: New E3bln WNG 7-year syndication: Spread set
May-19 08:44
- Spread set at MS+34bps (guidance was MS+36bps area)
- Size: E3bln WNG
- Books in excess of E8bln (inc E700mln JLM interest)
- Maturity: 27-Sep-2032
- Settlement: 26-May-2025 (T+5)
- Coupon: Short first to 27-Sep-2025
- Bookrunners: DB(B&D/DM)/DZ/GSBE SE
- ISIN: EU000A2SCAU4
- Timing: Books to close at 10:15BST / 11:15CET
From market source
