The EU took serious steps towards helping member states deal with the cost of the coronavirus crisis this week, with the European Central Bank removing the issuer limits from its emergency purchase programme and the Eurogroup reaching agreement on a new credit line from the European Stability Mechanism.
‘Corona bonds’ have been talked up so much that the EU risks underwhelming the market by failing to act.
Investors flocked to African Development Bank’s Fight Covid-19 social bond on Thursday, allowing the supranational to print its own largest ever dollar deal, and its largest ever social bond.
The Inter-American Development Bank had the primary dollar public sector bond market to itself on Friday as it raised funding as part of its response to the coronavirus pandemic.
The Covid-19 pandemic is forcing many of Europe's sovereigns to expand their borrowing programmes.
Some investors are moving cash out of the sovereign, supranational and agency bond sector and looking to deploy resources in high grade corporate credit, thanks to improved valuations in that sector and the threat coronavirus poses to sovereign debt sustainability.
The SSA market appears to be well and truly up and running, with four SSA borrowers hitting screens for new bonds in euros on Thursday, pulling in an impressive €11.5bn with deals from three to 30 years
UPDATED 27 March 2am GMT After several days of stable new coronavirus cases at around 5,000, Italy had a worse day on Thursday with over 6,000.
The SSA primary bond market has had a fantastic week — something that seemed unlikely during the brutal ructions of last week.
Issuers and investors in the Swiss franc market are grappling with much wider spreads on domestic and foreign issuers because of the volatility around the coronavirus pandemic.
Public sector borrowers returned en masse to the primary bond market this week, with many selling new issues with an explicit focus on providing emergency financing in response to the coronavirus outbreak.
Pockets of stability in the Swedish market drove demand across the curve this week, allowing investors the chance to pick up a handful of well-known SSA names at highly attractive levels.
The European Central Bank announced on Wednesday night that it would be removing the self-imposed limits on its holdings of sovereign debt for its €750bn pandemic emergency purchase programme.
Go to GlobalCapital's SSA data pages for the latest information on priced deals, borrower funding progress, league tables and upcoming deals.
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The Covid-19 pandemic is forcing many of Europe's sovereigns to expand their borrowing programmes. This week's funding scorecard looks at the changes European sovereigns have made to respond to the crisis, and the progress they have made in their funding programmes as we approach the end of the first quarter.
Investors flocked to African Development Bank’s Fight Covid-19 social bond on Thursday, allowing the supranational to print its own largest ever dollar deal, and its largest ever social bond.
Issuers and investors in the Swiss franc market are grappling with much wider spreads on domestic and foreign issuers because of the volatility around the coronavirus pandemic.
Pockets of stability in the Swedish market drove demand across the curve this week, allowing investors the chance to pick up a handful of well-known SSA names at highly attractive levels.
The Eurogroup made no progress towards creating a common EU debt instrument on Tuesday night, but member states will be able to fund their responses to the coronavirus crisis through a new credit line with the European Stability Mechanism.
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