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◆ 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
Fiscal targets for 2026 already met, more early debt repayments underway
A rally thanks to cheaper oil has let the Gilt market defer its reckoning with political risk. But it is coming, for sure
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◆ A 'busy and interesting' session as duration arrives ◆ New issue premium varied by tranche ◆ Longer note likely attracted different investors
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◆ Near-record book of ‘exceptional’ quality ◆ Ten year tenor, fixed income inflows help demand
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Primary market unruffled, but EFSF and EU to test sentiment next week
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German SSA issuers may adopt different strategies for upcoming deals
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Markus Stix explains the sovereign's approach to recent euro syndication
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◆ French government at risk of collapsing, again ◆ 'Roller-coaster ride' but issuer comes out unscathed ◆ Finding a 'good starting point' key