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◆ Another French agency brings early autumn deal ◆ International investors show support ◆ Priced to ensure performance
◆ 'More spread resistance' observed for KfW ◆ Spreadier CAF brings 'solid' trade ◆ Kommuninvest navigates swap spread moves
◆ UK sovereign reopens 30 year Gilt, adds £4.25bn ◆ With higher yields comes higher demand ◆ ‘Quality of offshore demand’ not to be underestimated
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Wild swings in the euro/dollar basis swap, and an unreliable interest rate swap complicated bond execution in the SSA market this week. While some liquidity has returned in rates, cross currency swaps are still behaving very strangely. -
The biggest investment banks are enjoying strong trading revenues from the market moves related to the coronavirus pandemic, alleviating a freeze in M&A and underwriting activity. The banks appear well-placed to deal with corporate drawdowns, although there is some debate around wider liquidity profiles.
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The Reserve Bank of Australia (RBA) is to start quantitative easing for the first time, it said on Thursday, while earlier this week the Reserve Bank of New Zealand (RBNZ) slashed rates and the New Zealand Treasury set out plans to increase its bond market borrowing.
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After an extraordinary Monetary Policy Committee meeting on Thursday, the Bank of England voted to drop the base rate by an additional 15bp to bring it to a new low of 0.1%. Alongside this cut, the central bank has announced it will up its holdings of government and corporate debt by £200bn. Initial signs in the bond makrets were positive.
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The State of North Rhine Westphalia (Land NRW) had to pay a large new issue premium on Thursday as it brought the first SSA deal of a volatile week.
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Market participants have welcomed moves by the US Federal Reserve and Treasury, the Bank of England and the European Central Bank to restore order in commercial paper markets. This normally placid funding source has been under severe stress in the past week as investors and dealers shun risk amid the escalating coronavirus crisis. But market participants are still seeking further reassurance.
Sub-sections
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Sponsored by Islamic Development Bank (IsDB)
Sukuk market’s next chapter: Financing the future, sustainably
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Sponsored by European Investment Bank
European Investment Bank: Supporting sustainable development in North Africa
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