Top Section/Bond comments/Ad
Top Section/Bond comments/Ad
Most recent
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
More articles/Ad
More articles/Ad
More articles
-
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. -
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.
-
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.
-
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.
-
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.
