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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
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Germany's Federal Constitutional Court (BVG) touched off a legal bombshell on Tuesday morning. It left the ECB in an impossible position: it can accept the court's verdict or ignore it, but either decision will undermine its efforts to stabilise Europe's capital markets. -
Since the start of the Covid-19 crisis, Finland has found a novel way to meet its increased funding needs: private placements. Over the last six weeks, the sovereign has supplemented its regular auctions with €5.65bn of privately placed trades, issuing private debt off its benchmark bond programme for the first time ever.
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Instituto de Crédito Oficial (Ico) is holding a series of investor calls to introduce its updated social bond framework ahead of a transaction which will be specifically used to target the effects of the coronavirus pandemic.
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Germany has picked the banks that will run its first syndicated transaction since 2015 and its first 15 year bond. The sovereign will likely make its market return on Wednesday. The trade forms part of Germany's updated strategy for its colossal funding programme financing the response to the Covid-19 pandemic.
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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, May 4. The source for secondary trading levels is ICE Data Services.
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Germany's Federal Constitutional Court ruled on Tuesday that, while it was not illegal for the Bundesbank to participate in the the European Central Bank’s Public Sector Purchase Programme, the country's central bank may not participate in it unless the ECB can provide a thorough impact assessment. The decision rejected an earlier verdict by the Court of Justice of the European Union.
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