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◆ Germany taps 2056s for second time this year, taking €4bn ◆ Spread was fixed from the start, rare for the issuer ◆ ‘Very, very flat’ 2054-2056 roll was key to the decision
Summer is 'slowly but surely' ending with large issuers putting demand to test
'Everyone is ready for summer to be over' as SSA wave builds for Monday
Analysts discuss the scope of tightening in Bund swap spreads and the impact on SSA spreads
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The stark contrast in the reception received by the two 10 year deals from sovereigns and supranationals this week — those of the Kingdom of Spain and the European Investment Bank — demonstrated the problems that big programme issuers may face this year in raising large volumes.
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The Kingdom of Spain, whose downgrade by Standard & Poor’s last week contributed to the dramatic spread widening for non-core European issuers, will test demand for euro peripherals next week after mandating Barclays Capital, BBVA, Calyon, Santander and Société Générale for a forthcoming euro benchmark.
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Posco, the Korean steel company, is expected to announce an international debt sale next week that bankers said would be worth at least $1bn. Citi, Deutsche Bank, Goldman Sachs, HSBC, and Merrill Lynch are leading the deal, which would be the first corporate bond from an Asian private sector borrower since Hong Kong & China Gas sold $1bn of 10 year bonds on July 31.