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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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European investors have wholeheartedly embraced the EU’s Next Generation EU programme and piled into risky assets in anticipation of a swifter recovery. But rating agencies are less convinced, warning that only the substance and implementation of national recovery plans will determine the trajectory of European growth. -
Italy came to the market for its first syndication since a seismic rally in the sovereign’s bonds after Mario Draghi agreed to form a new government earlier this month. But despite the huge confidence from investors in BTPs, a compression of 4bp from initial price thoughts for a new 10 year led to a dramatic loss of over €45bn orders.
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Spain’s new 50 year euro benchmark, which was priced last week, has performed well in the secondary market with the spread narrowing by 3bp, according to levels provided by ICE Data Services.
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Italy hit screens on Monday to announce a dual-tranche syndicated deal comprising a new 10 year benchmark and 30 year inflation-linked bond.
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The UK sold its last syndication of the financial year on Tuesday, selling a £2.25bn 2051 index linked bond — its first syndication in the format since November 2019.
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The green premium between Germany’s five year green Bobl and its conventional twin has increased to 3bp for the first time since the green Bobl was priced last November.
