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Sovereign Issuers Roundtable (July 2025)

The first half of the year was an eventful and volatile one in the government bond market, and the second half threatens more uncertainty. Sovereign issuers are dealing with steeper curves as investors demand higher term premia. Meanwhile, deficit dynamics are shifting, especially as some countries face up to higher defence and infrastructure spending. GlobalCapital gathered senior funding officials from the EU, Greece, Ireland, Italy and Portugal in June in London to discuss how their funding plans had fared so far, how they are developing their investor bases and how they plan to tackle the uncertainties that lie ahead.

Roundtable participants

Ben Adubi, managing director, global capital markets, Morgan Stanley
Rui Amaral, board member, Treasury and Debt Management Agency (IGCP), Portugal
Davide Iacovoni, director general — public debt, Treasury Department, Ministry of Economy and Finance, Italy
Dave McEvoy, director, funding and debt management, National Treasury Management Agency (NTMA), Ireland
Siegfried Ruhl, hors classe adviser, Directorate General for Budget, European Commission
Dimitrios Tsakonas, director general, Public Debt Management Agency, Greece
Moderator: Addison Gong, SSA editor, GlobalCapital