Europe
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Despite the impending US Treasury recommendations on Russian sovereign debt, Russian OFZ’s hit their highest cash price since 2015 this week, suggesting investors are betting heavily that the report will come to nothing. -
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France and Germany want to restrict the options for how a common European pension plan pays out, privileging annuities over lump sums, while keeping national authorities responsible for implementing the label, according to a 'non-paper' drafted by both countries together and seen by GlobalCapital.
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Romania issued €2bn of new debt with a dual tranche offering on Thursday, taking the largest portion of funds with a new 20 year bond.
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While the fast pace of issuance that characterised the SSA market in January has abated, the euro sector provided some rarer names with funding across the curve this week, in spite of a general widening of spreads.
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Subordinated bank bonds stabilised in trading after suffering a slight bout of volatility early this week, paving the way for a pick-up in issuance as firms head out of blackout periods.
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Europe’s financial system turned a corner this week, as the European Commission declared it would introduce legislation to redirect markets towards sustainability and equip them to face the threat of climate change, writes Jon Hay.
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Borrowers issuing sterling bonds with speculative grade ratings should find a receptive market despite the potential fallout of Brexit this year, Moody’s said in a report. It was a sentiment bankers and investors agreed with.
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Just Group, the UK insurer, met with very strong demand of more than £1.1bn for a £230m tier three bond in the sterling market on Thursday.
