August auctions take brunt of increased govvie load

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By Lewis McLellan
10 Aug 2020

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

“We had a lot of sovereign syndications in May and June,” said a head of SSA DCM. “That pace couldn’t be sustained over the summer. However, since they can’t do syndications just now, we’re seeing more supply in the auction market.”

Agence France Trésor has made the most ...

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