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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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Italy once again asserted its market access on Wednesday, raising a staggering €14bn — its biggest single tranche bond ever. The new issue was timed just ahead of Thursday’s ECB meeting, at which the governing council is expected to expand its Pandemic Emergency Purchase Programme (Pepp). -
The ECB published its first release of the data showing its purchases under its Pandemic Emergency Purchase Programme (Pepp) on Tuesday, shortly before adding €600bn to the scheme on Thursday. The central bank revealed that it has bought proportionately much less French government debt than the bonds of Italy, Germany and Spain.
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Italy and the European Union will reboot the euro public sector bond market on Wednesday after announcing syndications of new 10 and 15 year bonds, respectively. The deals will come ahead of the European Central Bank’s meeting on Thursday, in which it is widely expected to increase the size of its Pandemic Emergency Purchase Programme (Pepp).
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, June 1. The source for secondary trading levels is ICE Data Services.
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The US Office of the Comptroller of the Currency (OCC) is urging local officials to ease their Covid-19 lockdown measures, warning that some banks are now suffering delinquency rates in the mid-double digits on their small business loan books.
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Moody’s Investors Service downgraded the government of India to Baa3 from Baa2 on Monday, triggering bonds from the country to widen in the secondary market.
