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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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Conditionality has become a central area of contention as the EU shapes its coronavirus recovery plan. The bloc should focus on the environment, not on fiscal responsibility.
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New sustainable DCM team at Citi — Deutsche picks Stergiou for new position — SMBC Nikko makes ABS trading hire
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A European Union recovery fund proposal is expected to be presented to a summit of European leaders on July 17-18. Its size is to remain unchanged from a proposed €500bn of grants and €250bn of loans, but the EU budget is likely to be slimmed down, according to sources.
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Following the sale of its third syndication of the year this week — a €3bn inflation-linked bond — France does not expect to bring any more public benchmarks in 2020.
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Philip Hertlein, the former head of SSA origination and syndication at LBBW, has joined BNP Paribas’s public sector debt capital markets desk.