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Large auctions, new 30 year and ‘two-lens' pricing approach among key expectations for bloc’s July-December funding
◆ DMO chief Jessica Pulay on why 2041s won out ◆ Swift execution 'a hallmark' of transaction ◆ Cover ratio slips but breadth holds firm
◆ Debate whether priced through US Treasuries ◆ Tighter than fixed ◆ Tenor handed investors optically pleasing spread
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When the European Commission excluded 10 of its primary dealers from its debut Next Generation EU syndicated transaction last week on the grounds that they had been found to have violated anti-trust rules, some bankers branded it “unfair”. It may be a harsh penalty, but surely bookrunners should face the same scrutiny as issuers when it comes to environmental, social and governance (ESG) criteria. -
There was a clear shift in pricing dynamics last week with larger movements from initial price thoughts, across all sectors but particularly in the markets that carry higher inherent risk. At the same time though, real estate companies drove up the average concession paid in the corporate sector, but that measure fell in the rest of the primary market.
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Spain hit the market on Tuesday morning with a 10 year benchmark, impressing onlooking bankers and benefitting from a stable backdrop. KfW followed up with a tap.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, June 21. The source for secondary trading levels is ICE Data Services
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A managing director from Crédit Agricole's sovereign, supranational and agency bond business will join BNP Paribas in September.
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Bond market fintech company Origin has teamed up with clearing house operator Clearstream Banking to launch an “instant ISIN” feature to allow the automated allocation of codes to Eurobonds from frequent issuers.
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Sponsored by Islamic Development Bank (IsDB)
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