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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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Two sovereigns pulled off successful deals on Wednesday, adding to the pile of syndicated European government bond issuance this week. -
Simon Field, who spent many years in HSBC’s global banking team looking after public sector clients, has taken up a new position as global head of escrow.
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Italy is launching a new retail product, the BTP Futura, turning to its impressive stock of domestic savings to help finance its recovery. It’s an excellent move, and could be even more valuable to Italy’s recovery from the ravages of the coronavirus pandemic than the external support of the European Stability Mechanism.
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The UK Debt Management Office launched a syndication on Tuesday, printing a new October 2050 line and raising £9bn.
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After three eurozone sovereigns hit the primary market on Tuesday, more supply will follow on Wednesday with Germany setting its sights on its second syndicated transaction after returning to the format in May, helping it deal with a much bigger funding programme in response to the coronavirus pandemic.
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There were no issues of competing supply on Tuesday as three eurozone sovereigns amassed big order books, buoyed by last week’s expansion of the Pandemic Emergency Purchase Programme (Pepp).
