SSA - Article Archive

  • WFH has brought fintech to the core of capital markets

    Some argue that innovation has taken a backward step in the pandemic with the loss of people working in close proximity and bouncing ideas off each other. But that’s not the case in the capital markets. In fact, working remotely in such a vast but archaic business has brought the use of technology to the centre of discussion.

    • 11 Aug 2020
  • Technical issue forces ECB to use €STR contingency

    A technical issue around the data submission meant that the euro area short term rate (€STR) did not have enough data to be calculated in the usual way this morning, forcing the ECB to use its contingency method.

    • 11 Aug 2020
  • August auctions take brunt of increased govvie load

    Governments around the world are facing heavier than usual borrowing requirements and, with the market for syndications all but shut for summer, have leaned more heavily than usual on the auction calendar so far.

    • 10 Aug 2020
  • Structured MTNs buck downward trend as investors hunt yield

    Although the MTN market contracted during the first half of 2020, structured issuance rose. The bulk of the increase came in the form of notes with calls added to enhance yield.

    • 07 Aug 2020
  • SURE applications roll in, but Europe still counting on Pepp

    European Union member states have begun applying for loans from the bloc’s €100bn Support to Mitigate Unemployment Risks in an Emergency (SURE) package. Unlike with other European rescue lending facilities, countries seem less concerned with the reputational damage of asking for a share of this cash, writes Lewis McLellan.

    • 06 Aug 2020
  • German states take centre stage in SSA primary

    A pair of German sub-sovereigns had the primary public sector bond market to themselves this week, with each taking €500m at tight levels to their secondary curves.

    • 06 Aug 2020
  • People moves in brief

    Krupa to replace Cabannes at SG — JP Morgan reshuffles activist defence business — Credit Suisse gives Cohen new position

    • 06 Aug 2020
  • SSAs urged to frontload dollar supply ahead of uncertain year-end

    Public sector borrowers should consider getting their dollar funding done earlier than usual, ahead of what could be a volatile final quarter with a US presidential election and a possible rise in coronavirus infections, according to debt capital markets bankers.

    • 06 Aug 2020
  • Lower Saxony offers small NIP for negative yielding 10 year

    The State of Lower Saxony was the sole borrower active in the primary public sector bond market on Thursday as it raised €500m with a 10 year at a negative yield. The deal ended up comfortably subscribed in spite of a slow start to the book-build.

    • 06 Aug 2020
  • Negative rates ‘in the toolbox’

    Andrew Bailey, governor of the Bank of England, has announced that negative rates are “part of the toolbox” but that he sees no reason to make use of them yet.

    • 06 Aug 2020
  • Lower Saxony to keep SSA primary open

    The State of Lower Saxony mandated banks on Wednesday to run a 10 year euro benchmark on Thursday, as German states remain the only action in the public sector primary market.

    • 05 Aug 2020
  • Spain applies for over €20bn of SURE cash

    Spain has submitted an application for more than €20bn from the EU’s Support to Mitigate Unemployment Risks in an Emergency (SURE) fund.

    • 05 Aug 2020
  • Citi moves MTN banker to SSA syndicate

    Charles-Antoine Roche has joined Citi’s sovereign, supranational and agency syndicate desk after spending over a decade in the bank’s medium term notes business.

    • 05 Aug 2020
  • Climate case against Australia could force issuers into new risk disclosures

    The case of O’Donnell versus the Australian Commonwealth, if successful, could force all issuers seeking to make use of the Australian bond market to make thorough disclosures of their climate strategy.

    • 05 Aug 2020
  • Pepp data: how ECB supports eurozone periphery with bond scheme

    The ECB publishes a breakdown of its purchases under the Pandemic Emergency Purchase Programme (Pepp), which was launched in late March to combat the effects of the coronavirus pandemic. Unlike the Public Sector Purchase Programme, the Pepp may deviate from the ECB's capital key in terms of how it allocates its buying between member states. This chart shows the extent of these deviations, and that its buying has proportionally favoured the eurozone perihpery: Portugal, Italy, Greece and Spain.

    • 04 Aug 2020
  • Morgan Stanley suspended from French auctions

    The Agence France Trésor (AFT) has suspended Morgan Stanley’s primary dealership in French government bonds, making it the first bank to suffer such a proscription.

    • 04 Aug 2020
  • Brandenburg prices through curve with new 20 year

    The State of Brandenburg got over the line with a fully subscribed order book and a yield inside its curve on Tuesday, successfully avoiding the fate that its compatriot Berlin met at the tenor last week.

    • 04 Aug 2020
  • Pepp data shows ECB still standing with periphery

    The ECB has released the data breaking down the purchases it has made under the Pandemic Emergency Purchase Programme in June and July, revealing that it is still providing substantial support to the eurozone periphery.

    • 04 Aug 2020
  • EIB loans Italy €2bn for healthcare

    Italy will receive a €2bn loan from the European Investment Bank to help cover the reinforcement of its healthcare system required to deal with the coronavirus pandemic.

    • 03 Aug 2020
  • Brandenburg hopes to avoid Berlin's fate with 20 year bond

    The State of Brandenburg will keep the primary euro public sector bond market ticking on Tuesday after mandating banks for a new 20 year bond for which it hopes to achieve a better outcome than Berlin's deal at the tenor last week.

    • 03 Aug 2020
  • UK announces details of September syndications

    The UK Debt Management Office has chosen the maturities and issuance windows for its two planned syndications in September. One of the syndications will be a new 15 year Gilt, which divided opinion among investors at a consultation last week.

    • 03 Aug 2020