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Secondary market selling of private bonds may be wreaking havoc with the primary market for public debt but the trades were still the right thing to do
Sovereign's $3bn deal tightens well as Asian demand returns
The sovereign's public and private bonds of similar maturities are trading over 25bp apart

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  • Greece did not attract the huge reception from investors that it has grown used to over the last few years, despite paying a considerable new issue premium and being eligible for the European Central Bank’s Pandemic Emergency Purchase Programme (PEPP).
  • SSA
    Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Tuesday, April 14. The source for secondary trading levels is ICE Data Services.
  • Speculation is building ahead of the International Monetary Fund spring meetings this weekend that the multilateral lender is poised to inject much-needed liquidity by printing billions of its own currency, Special Drawing Rights.
  • The Inter-American Development Bank (IADB) tapped the Indonesian rupiah market for its latest Covid-19 response bond this week, becoming the first SSA to print a response bond in an emerging market currency.
  • China's MIE Holdings Corp is speaking with bondholders about restructuring its dollar debt, following a missed coupon payment on Sunday.
  • Chinese conglomerate HNA Group called an eleventh-hour meeting this week in an attempt to delay a bond that was due to mature just hours later. Investors criticised the company on the call ─ but bankers are still unsure whether the bond has been repaid.