Sovereigns fight the fluff as FIG joins PMM

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By Johan Lai
13 Apr 2021

An unforeseen sell-off in government bonds on April 9 left many market participants scratching their heads as to why it happened, but the primary market has showed no apprehension in the week leading up to it or since. In fact, April's first week saw the highest average subscription ratios since January 2019. And this week, Primary Market Monitor brings you data from the FIG bond market for the first time.

Last week brought the return of two sovereigns whose subscription levels have explode since the start of the pandemic — Italy and Portugal. As usual, the sovereigns pulled in very large order books and pushed the weekly average subscription ratio to 6.5 times. However, both spoke at length ...

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