Europe
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Italia Viva has withdrawn its ministers from the support of the Italian government, sparking a political crisis in the country. However, Italy’s sovereign bonds are trading within a comfortable range versus Bunds thanks to the support of the European Central Bank. -
This week in Keeping Tabs: a key weekend for Germany's future, and Biden's stimulus plan.
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Two more trades on Thursday night crowned off a busy week for block trading in London, fuelled by a rally of UK equities since the start of the year after the country secured a trade deal with the European Union at the end of 2020.
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The European Court of Auditors published an assessment of the EU’s crisis management framework this week. It urged policymakers to align national insolvency procedures with bloc-wide resolution rules, as a way of making sure that banks are treated consistently when they fall into financial difficulty.
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A €534m block in Energias de Portugal, the Portuguese utility company, flew off the shelves on Thursday night driven by investor demand for stocks exposed to renewable energy.
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Royal Bank of Canada priced its first bond issue of the year as Yankee borrowers made the most of good funding conditions in the run-up to US bank earnings season.
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German automaker Volkswagen sold a Rmb500m ($77m) offshore renminbi (CNH) bond on Thursday, just one-and-a-half months after its last outing in the currency.
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Junk-rated emerging market sovereigns Benin and Oman sold bonds this week, with market participants saying their new issue premiums were minimal. However, bankers think total activity across CEEMEA over the last two weeks has been “underwhelming”.
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This week’s burst of covered bonds was exceptionally well received and boosted supply hopes. But even though the funding was cheap and deal execution certain, the supply outlook remains grim.
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Few deals have ever had €75bn of orders. Spain managed to lose that much, but still have €55bn remaining in the book. This is the world the ECB’s purchase programmes have built.
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