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All as expected by the market, but lack of more details regarding bill issuance somewhat disappoints
◆ Sovereign back in euros, alternating from dollars in 2025 ◆ “Very low double digit” spread over Germany ◆ Sweden, KfW key comps
Likely successor as UK prime minister Andy Burnham further to the political 'left than anyone else’ but market hopeful that scope for more borrowing is limited
Fiscal targets for 2026 already met, more early debt repayments underway
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Narrowing issuance windows means small borrowers will have to fight for attention against major issuers
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Russia neighbour cruises through busy sovereign market that also hosts France linker
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Investors gobble up green deal despite it being more expensive than shorter debt from same issuer
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Austria to debut in green bond market, while Italy faces pricing into widening spreads
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Turbulent times mean investors' ability to exit positions is paramount
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Sovereign still on course for green bond debut by end of 2022 as two European sovereigns line up deals