Latest sovereign news

• Cyprus offers ‘fair price’ and wins bumper demand

  

  Cyprus won huge demand for its return to the 10 year part of euro curve on Tuesday, with the final book almost four times covered. The deal should set a good backdrop for Greece to come to the market in the same maturity — as long as it pays up a sizeable concession, according to SSA bankers.

  • 18 Sep 2018

• HSBC picks DCM stalwart to co-head securities services

  

  HSBC Securities Services has appointed two global co-heads — one of them a well-known figure in the debt capital markets.

  • 18 Sep 2018

• Cyprus mandates for 10 year euro return

  

  Cyprus picked banks on Monday for its first euro benchmark in the 10 year maturity since 2015, following S&P's return of the sovereign to investment grade status.

  • 17 Sep 2018

• Russia hikes rates as sanctions bite

  

  The Russian central bank announced a 25bp rate hike on Friday in a move calculated to offset the effect of expected US sanctions.

  • 17 Sep 2018

• SSA and covered bond trader returns to desk after investigation

  

  An SSA bond and covered bond trader who was on indefinite leave from his desk following the launch of an investigation into the SSA market by the US Department of Justice in 2015 is back at work, GlobalCapital understands. His return has come as a US court dismissed a lawsuit related to the investigation.

  • 17 Sep 2018

• Korea finds ‘explosive’ demand for bond return

  

  The Republic of Korea ended up with a peak order book of a whopping $9.5bn for its $1bn dual-tranche issuance on Thursday, as global market headwinds proved a boon.

  • 14 Sep 2018

• Banks pile into €4bn Spain linker as new IFRS rule encourages hedgers

  

  Spain this week built an €18.5bn order book for an inflation linked bond, its largest since its inaugural trade in the format in 2014, with much of the demand generated by bank treasuries attracted to the deal by new accounting standards that have eased hedging requirements. But while demand might have increased, bankers will still have to persuade borrowers of the merits of inflation-linked issuance, writes Burhan Khadbai.

  • 13 Sep 2018

• Turkey delivers colossal rate hike but recession looms

  

  The Turkish central bank, in a remarkable display of independence, has raised its weekly repo rate by 625bp, combatting its runaway inflation but making recession a more likely prospect, according to one investor.

  • 13 Sep 2018

• A closer eye on Indonesia is no bad thing

  

  Emerging market investors are on edge, and rightfully so, as Turkey, Argentina and South Africa face up to serious economic problems. In Asia, that has triggered outflows — and risk aversion — from Indonesia, which is in a much stronger shape than its peers. But the volatility presents an opportune time to scrutinise the south-east Asian country closely.

  • 13 Sep 2018

• Saudi Arabia returns in sukuk

  

  Saudi Arabia has come to market for a long 10 year dollar sukuk bond, targeting $2bn, returning for a trade after five month’s absence from the bond market.

  • 12 Sep 2018

• Never mind the ECB… it’s the Italian budget

  

  Italy’s upcoming budget is far outstripping anything that might come out of this week’s European Central Bank meeting in terms of investor concerns, with one portfolio manager suggesting BTPs could come under further pressure in the run up to the announcement.

  • 12 Sep 2018

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