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'Dead quiet' few weeks will benefit issuers as excess bonds need absorption before issuance starts to ‘fire on all cylinders’ from August 17
Supplying a ‘diversity of instruments’ is important for sovereign to meet needs of different investors, says DMO chief
◆ First of two planned linker syndications for 2026-7 executed swiftly ◆ Earlier book open, quick three hour execution to limit risk ◆ £93bn of Gilts issued off year's £246bn programme since April 1
Sovereign issuer overcomes challenges to revive public dollar presence after half a decade’s silence
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The extremely dovish tone struck by the European Central Bank last week means there is no end in sight to the Pandemic Emergency Purchase Programme (Pepp). Given the uncertainty around the course of the pandemic, that is as it should be. -
The primary market was much quieter last week with only two markets active — SSA and corporate bonds. Total issuance in those markets fell to 32% and 18% of their 2021 weekly averages, respectively.
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Moody’s upgraded Cyprus on Friday, leaving it one notch below investment grade status and a step closer to reclaiming high grade ratings from all three of the major rating agencies.
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The European Central Bank is not expected to sketch out the future of its Pandemic Emergency Purchase Programme (Pepp) until the fourth quarter of 2021, according to analysts.
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The European Central Bank adjusted its forward guidance on interest rates following its meeting on Thursday to bring it in line with its new symmetric inflation target, but the change was not unanimously approved by all governing council members.
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The Republic of Indonesia veered off its usual funding plan by heading into the bond market this week with a dollar-euro combination trade, at a time when it is feeling the brunt of a big spike in Covid-19 cases. But the stability in secondary market trading and a fall in US Treasuries offered the sovereign an opportunity to top up its coffers, writes Morgan Davis.
