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New EU deal and year's final sovereign syndications move into focus amid continued yield sell-offs
‘Very important transaction’ for the DMO in meeting investor needs where they are, says debt chief
Month-end buying from investors in secondary market to determine backdrop for next wave of issuance
‘Pragmatic’ approach from borrowers set to benefit upcoming wall of issuance
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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. -
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.
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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.
