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Sovereign Borrowers Roundtable June 2023 cov-photoshopped-2HR49BA-2.jpg

Morgan Stanley Sovereign Borrowers Roundtable

The primary bond market for sovereign borrowers remained impressively resilient in the first half of 2023.

Europe’s leading sovereigns made light of inflationary pressures, rising rates, a fragile economic outlook and turmoil in the US banking sector, meeting their funding objectives with apparent ease.

At the same time, investors shrugged off geopolitical uncertainty and an unfavourable supply-demand outlook as quantitative easing gives way to quantitative tightening. In spite of these dynamics, book sizes have remained healthy and average new issue premiums have stayed consistently low.

Against this backdrop, a group of Europe’s best-respected sovereign borrowers gathered to share their views on conditions in the primary market in the first half of 2023, and on the outlook for the rest of the year.

Roundtable participants

Phil Moore, editorial consultant, GlobalCapital (moderator)
Rui Amaral, board member, Portuguese Treasury and Debt Management Agency (IGCP)
Maric Post, director, Treasury & Capital Markets, Belgian Debt Agency
Siegfried Ruhl, hors classe adviser, Directorate-General for Budget, European Commission
Ben Adubi, executive director, global capital markets, Morgan Stanley
Davide Iacovoni, director general, Treasury Department, Italian Ministry of Economy and Finance