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Sovereigns

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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
SSA
Month-end buying from investors in secondary market to determine backdrop for next wave of issuance
SSA
‘Pragmatic’ approach from borrowers set to benefit upcoming wall of issuance
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  • Governments around the world face heavier than usual borrowing requirements and, with the market for syndications all but shut for summer, they have leaned more heavily than usual on the auction calendar.
  • European Union member states have begun applying for loans from the bloc’s €100bn Support to Mitigate Unemployment Risks in an Emergency (SURE) package. Unlike with other European rescue lending facilities, countries seem less concerned with the reputational damage of asking for a share of this cash, writes Lewis McLellan.
  • Krupa to replace Cabannes at SG — JP Morgan reshuffles activist defence business — Credit Suisse gives Cohen new position
  • Andrew Bailey, governor of the Bank of England, has announced that negative rates are “part of the toolbox” but that he sees no reason to make use of them yet.
  • SSA
    Spain has submitted an application for more than €20bn from the EU’s Support to Mitigate Unemployment Risks in an Emergency (SURE) fund.
  • Charles-Antoine Roche has joined Citi’s sovereign, supranational and agency syndicate desk after spending over a decade in the bank’s medium term notes business.