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◆ UK sovereign reopens 30 year Gilt, adds £4.25bn ◆ With higher yields comes higher demand ◆ ‘Quality of offshore demand’ not to be underestimated
◆ ADB brings ‘impressive’ seven year ◆ NWB hits five year sweet spot ◆ Both deals tighten a large 3bp
◆ Sovereign brings fourth syndication of year ◆ Smaller book than earlier deals this year ◆ Capped deal size helps
Data
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There were no issues of competing supply on Tuesday as three eurozone sovereigns amassed big order books, buoyed by last week’s expansion of the Pandemic Emergency Purchase Programme (Pepp). -
The Green Bond Principles organisation has released a set of principles for sustainability-linked bonds, the product invented and so far only used by Enel, in anticipation of an expected growing market. It has also revised the Social Bond Principles, taking account of lessons learned during the coronavirus crisis. But on transition bonds it has merely produced an unpublished update.
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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 8. The source for secondary trading levels is ICE Data Services.
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Italy’s ministry of economy and finance has announced a new government bond which will be reserved exclusively for retail investors, with the proceeds to fund the measures launched by the government to deal with the Covid-19 pandemic and support the recovery of the country.
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Spain and SNCF SA announced new euro benchmarks with 20 year maturities on Monday, following the European Investment Bank’s record-breaking effort in the tenor last Friday.
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Kommunalbanken is looking to take advantage of the hot demand in the long end of the dollar curve, while the Inter-American Development Bank has chosen a more common maturity in the belly of the curve.
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