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‘Notably better’ spread cements sovereign’s standing, thanks to triple-A rating and solid fiscal position
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
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EU leaders meet this weekend to hash out the multi-annual financial framework — the €1tr plan guiding the bloc’s next seven years of spending. The budget contains the €750bn recovery fund, which will likely prove a contentious topic but, if approved, it could reshape the European economy and lead to big changes in its public sector bond market. Lewis McLellan reports. -
The UK Debt Management Office outlined its borrowing plan for the period of September through to the end of November on Thursday, announcing that it plans to issue a minimum of two syndicated Gilts and 38 auctions during the period as its funding needs soar to unprecedented levels as a result of the coronavirus pandemic.
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The Covid-19 pandemic is forcing many governments to expand their borrowing programmes. The table below details the impact of the outbreak on the funding requirements of major sovereign bond issuers.
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Following the sale of its first government bond targeted exclusively to retail investors last week, Italy may issue another such bond before the end of the year, depending on the evolution of its funding needs, which are still not finalised.
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Rishi Sunak, the UK chancellor of the exchequer, has already thrown some cash from the air to boost the economy and prevent a more serious downturn, with job retention measures, a cut in VAT and meal vouchers. But that won’t be enough. The UK needs a full scale helicopter drop.
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The Swedish National Debt Office has selected the maturity range for its debut green bond and the banks that will lead the transaction, which will take place via syndication in August.
