Sovereigns - All Articles

  • Kommuninvest and Sweden share Swedish krona market

    Kommuninvest and the Kingdom of Sweden both took to the market this week, pulling off successful trades in a buoyant market.

    • 20 Nov 2020
  • EU braces for ‘game of chicken’ over recovery fund

    The European Union faces its bitterest internal conflict yet, with member states drawing battle lines over the receipt of EU funds becoming dependent on states adhering to the rule of law. The conflict risks delaying or sinking the EU’s recovery fund, but capitulating would weaken its ability to oversee how the money is used, writes Lewis McLellan.

    • 19 Nov 2020
  • Italy returns to dollars following second Futura

    Italy made a strong return to the dollar market on Tuesday with a deal over three times covered, which came following the conclusion of the sovereign’s second BTP Futura bond sale at the end of last week.

    • 19 Nov 2020
  • Italy returns to dollars as World Bank takes $8bn with dual tranche

    Dollars was the flavour of the day for public sector borrowers on Tuesday as three issuers headed to the currency, raising a combined $12bn. Two more SSAs will follow with dollar deals on Wednesday.

    • 17 Nov 2020
  • Poland and Hungary block EU recovery fund over rule of law

    The EU recovery fund has hit a major obstacle in its journey to capital markets. Hungary and Poland have vetoed the "own resources decision", which would allow the EU to access the bond market on its own account.

    • 17 Nov 2020
  • Italy goes back to the Futura with less demand than debut

    Italy received less interest for its second BTP Futura bond last week than its inaugural deal in the format earlier in the year.

    • 16 Nov 2020
  • Belgium cuts 2020 funding requirement

    The Belgian debt agency has reduced its gross borrowing needs for 2020 by almost €10bn, with the sovereign’s OLO issuance also expected to be less than previously forecast.

    • 16 Nov 2020
  • Green Gilts carry risks as well as benefits

    Will Sir Robert Stheeman become the Green Knight?

    • 12 Nov 2020
  • UK’s Gilt and Taxonomy plans spark hopes of green bond surge

    The UK’s announcement that it would begin issuing green Gilts next year is raising hopes that it will inspire more green bond issuance from UK borrowers. But market participants are eager to see how the UK handles setting up a green debt programme and its own green taxonomy. Lewis McLellan and Jon Hay report.

    • 12 Nov 2020
  • Italy preps dollar return as SSAs hit post-US election market

    Italy held a series of investor calls on Thursday in preparation for a trip to the dollar bond market. Italy returned to the currency last year after almost a decade away, and announced that it intends to access the market every year.

    • 12 Nov 2020
  • Lagarde implies yield compression is official ECB policy

    One of the European Central Bank's outright aims is to suppress government bond yields, ECB president Christine Lagarde hinted in a keynote speech on Wednesday.

    • 12 Nov 2020
  • Sweden lines up following Gothenburg green trade

    The Kingdom of Sweden will come to market on Wednesday for a new 25 year Swedish krona benchmark, coming on the heels of a green bond from the City of Gothenburg.

    • 11 Nov 2020
  • Pushing EU loans is no job for the ECB

    Yves Mersch, one of the ECB governing council’s staunchest hawks, has a new argument for why the central bank must abridge its purchase programmes: by keeping down the borrowing costs of the eurozone periphery, the ECB is helping countries to “circumvent EU loans”, which he thinks should not be allowed to happen.

    • 10 Nov 2020
  • UK seeks to regain green edge with Gilts, own Taxonomy, TCFD rule

    The UK will issue its first green Gilts next year, create its own Taxonomy of green activities and oblige large companies and investors to report as recommended by the Task Force on Climate-Related Financial Disclosures by 2025, the chancellor of the exchequer Rishi Sunak said on Monday.

    • 09 Nov 2020
  • BoE boosts QE, Gilts unmoved

    The Bank of England added £150bn to its quantitative easing programme at its monetary policy meeting on Thursday. The move will go a long way to soaking up the additional supply of Gilts.

    • 06 Nov 2020
  • US announces third straight record quarter of borrowing

    The US Treasury has announced its intention to borrow $122bn over the next three months, marking the third time in a row that it has announced record borrowing volumes.

    • 05 Nov 2020
  • Germany underwhelms with second green bond amid US election volatility

    Germany found lacklustre demand for its second ever green bond on Wednesday. The sovereign had to contend with a big drop in Bund yields following uncertainty over the US election result.

    • 04 Nov 2020
  • ECB promises stimulus as Pepp slows to lowest rate

    The ECB calmed investors’ fears last week, promising more stimulus to compensate for pandemic-related shocks. But despite this, purchasing under the Pandemic Emergency Purchase Programme (Pepp) is at its slowest rate ever.

    • 03 Nov 2020