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Pension funds 'very much present' in the deal and central bank demand 'quite remarkable', says issuer
◆ Sovereign takes plunge into 30 year ◆ Book almost twice that of 2024 deal ◆ Large size, tight NIP, others encouraged
◆ Sovereign continues to break record after record ◆ New deal was 'a blowout by every definition' ◆ Second wave of EGBs underway, Belgium next
New mandate follows S&P outlook upgrade last Friday
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The Bank of England this week signaled that it is changing its stance and considering bringing its base rate into negative territory. But with the UK Debt Management Office (DMO) issuing three year paper with a negative yield for the first time, as well as printing £7bn ($8.56bn) of 41 year bonds, there are few worries for the SSA market. -
Dollars was the favoured currency for public sector borrowers for the second week running this week, giving attractive funding conditions for euro borrowers amid strong investor demand, particularly in the 10 year part of the curve.
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Italy completed the sale a five year BTP Italia on Thursday for a record breaking size of €22.297bn to finance measures related to the Covid-19 pandemic. Demand for the product was boosted by the Franco-German EU recovery fund proposal.
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France and Germany’s proposal for a €500bn recovery fund to fight the impact of the coronavirus pandemic, though it has delighted investors in periphery eurozone government bonds, will not make it without a fight. The so-called “Frugal Four” — Sweden, Austria, Denmark and the Netherlands — have made their objections known.
