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'Dead quiet' few weeks will benefit issuers as excess bonds need absorption before issuance starts to ‘fire on all cylinders’ from August 17
Supplying a ‘diversity of instruments’ is important for sovereign to meet needs of different investors, says DMO chief
◆ First of two planned linker syndications for 2026-7 executed swiftly ◆ Earlier book open, quick three hour execution to limit risk ◆ £93bn of Gilts issued off year's £246bn programme since April 1
Sovereign issuer overcomes challenges to revive public dollar presence after half a decade’s silence
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The Republic of Austria picked banks to lead a new 20 year euro benchmark on Wednesday, while the European Stability Mechanism surprised some market participants by sounding out banks for a deal next week, which could clash with the EU’s grand arrival as a supersized issuer. -
Nearwater Liquid Markets has set up a third ABCP conduit which will buy only US Treasuries, repoing them with Barclays, in a move that would help the UK-based bank manage its access to high quality collateral. The new vehicle joins existing structures Nearwater has set up with BNP Paribas and with JP Morgan.
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The Spanish treasury has cut its funding target for the year by €15bn as a result of a better income than anticipated, and said it does not expect to issue any more syndicated bonds before the end of the year.
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The euro market has been on spectacular form this week, with well oversubscribed books and slight new issue premiums. The strong results sent a good signal for the arrival of the EU, which sent out a request for proposal to 20 eligible banks on Friday to launch its €100bn funding programme.
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A group of some of the UK's biggest asset managers, professional bodies and banks are supporting a proposal for an SRI-themed UK sovereign debt product to deliver environmental and social benefits as part of the country’s recovery from the pandemic.
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The European Bank for Reconstruction and Development ventured out to raise its largest ever bond linked to the secured overnight financing rate (Sofr) this week in what otherwise a thin week for issuance in dollars.
