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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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Italia Viva has withdrawn its ministers from the support of the Italian government, sparking a political crisis in the country. However, Italy’s sovereign bonds are trading within a comfortable range versus Bunds thanks to the support of the European Central Bank. -
This week in Keeping Tabs: a key weekend for Germany's future, and Biden's stimulus plan.
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Few deals have ever had €75bn of orders. Spain managed to lose that much, but still have €55bn remaining in the book. This is the world the ECB’s purchase programmes have built.
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A book of more than €55bn for a €10bn bond priced with a new issue premium of 1bp would be a gratifying outcome for any sovereign issuer. But Wednesday's syndication for Spain instead attracted robust criticism over price moves during bookbuilding which derailed what was on course to be the biggest order book in bond market history.
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In a dramatic and unprecedented turn of events on Wednesday, Spain went from being on track to attract the biggest ever order book for a bond issue to losing more than half of its orders, as it slashed the spread of its new 10 year syndicated bond, leaving either a negative or very skinny new issue premium.
