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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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The dollar market filled up on Monday with mandates from a broad range of SSA borrowers. Canada, European Investment Bank, BNG and Tokyo Metropolitan Government were all set to hit the market on Tuesday. -
Belgium dropped into the long end of the euro curve to place a 100 year bond this week – its first private placement for seven months.
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Public sector borrowers are looking to follow the EU’s lead and cut underwriting fees in the biggest revamp to the way banks in the market are paid in a decade. Bankers slammed the move as “naive and disruptive” and say that, while it may save a basis point or two in execution, it could cost them far more long term, writes Burhan Khadbai.
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While Greece is nearing a return to investment grade status it still has a way to go before it reaches that summit, according to the major credit agencies.
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Greece sold the first and only public sector benchmark deal of the week on Wednesday. However, issuers are preparing to return in force in euros and dollars next week, according to bankers.
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Market participants on Wednesday called the removal of Andriy Kobolyev as CEO of Naftogaz last week “disheartening”. The Ukrainian government’s meddling in the state-run energy company casts doubt on its commitment to IMF-mandated reform of corporate governance and will weaken Naftogaz’s ability to return to the bond market.
