Currencies
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The European Investment Bank and the Region of Madrid stood out in the public sector bond market this week, with the former achieving its biggest ever order book for a euro benchmark. -
The Netherlands has increased its borrowing programme for the year as a result of a measures taken by the government following the outbreak of the coronavirus pandemic.
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Italy was able to raise almost €6bn in auctions with ease on Wednesday following Tuesday night’s unexpected downgrade by Fitch, which leaves it just one notch above junk.
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Fitch Ratings has lowered Italy’s credit rating one notch to BBB- on Tuesday night, making the move more than two months ahead of its scheduled review in July.
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The European Investment Bank achieved its biggest ever order book in euros on Tuesday, as it sold its first seven year benchmark of the year.
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The region of Madrid and the European Investment Bank are both marketing seven year euro deals, with the former preparing the first green labelled bond by a Spanish government entity. Elsewhere in the euro public sector bond market, Ontario Teachers’ Finance Trust is moving forward with its first bond in the currency.
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Italy’s credit rating is dividing analysts. Some believe that it should have been downgraded by S&P on April 24 because of the country's ballooning debt burden, while others felt that the European Central Bank can keep the refinancing risk at bay.
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Bpifrance became the first French issuer to sell a Covid-19 response bond on Friday, raising €1.5bn.
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Any concerns over whether the eurozone periphery would have market access after Bund spreads yawned wider during the past week were put to bed by a combined €31bn of borrowing from Italy and Spain. The sovereigns paid what was needed to put impressive dents in their ballooning funding requirements, ahead of a hotly anticipated European Council meeting on Thursday. Lewis McLellan and Tyler Davies report.
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Bpifrance is preparing to issue a bond which will be used to provide loans to companies in France to help them overcome the economic difficulties of the coronavirus pandemic.
