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Inaugural government deal could come in late 2026 or early 2027
◆ New 20 year Bund launched into popular demand ◆ Is 20 years the new 30 years for EGBs? ◆ Fair value in debate
German sovereign goes for conventional over green as smaller peers join a crowded Tuesday
issuer identifies 'most important' syndication metric amid rising international interest
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Italy lost €45bn of orders from its 10 year bond issue this week when it tightened the spread to 4bp inside initial price thoughts. It was a close echo of when investors pulled €75bn of bids for Spain’s 10 year in January. -
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Government yields have risen rapidly this week, led by the US Treasury curve, as investors bet big on stimulus from that country. With little activity in the primary markets, bankers have been speculating on the possible effects of higher yields on issuers’ strategies.
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There were flashbacks to last month’s Spanish syndication in the bond market this week as Italy made an emphatic start to the Draghi era in the BTP market. The borrower shed billions of orders on Tuesday after aggressively pricing its first syndication since the appointment of the ex-ECB chief as the country’s prime minister. Burhan Khadbai reports.
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Two factors bear outsized influence on capital markets — Covid-19 and central bank stimulus. But the temptation to see these powerful forces culminating in one of two extreme outcomes — another crash as a feeble economy flounders, or a boom like the 1920s US — must be resisted.
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Italy hit the market with a dual tranche on Tuesday, raising €4bn with a 30 year linker and €10bn with a new 10 year BTP. A sharp move in pricing on the 10 year leg meant it lost €45bn of orders, but SSA bankers on and off the deal said the trade was still a good result.
