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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 European Commission’s plans for a recovery fund will not be enough to prevent Italy’s public finances suffering a severe fiscal deterioration said Fitch, after the ratings agency downgraded the sovereign on Tuesday night. -
The Netherlands has increased its borrowing programme for the year as a result of a measures taken by the government following the outbreak of the coronavirus pandemic.
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Italy was able to raise almost €6bn in auctions with ease on Wednesday following Tuesday night’s unexpected downgrade by Fitch, which leaves it just one notch above junk.
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Fitch Ratings has lowered Italy’s credit rating one notch to BBB- on Tuesday night, making the move more than two months ahead of its scheduled review in July.
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The European Central Bank could take action to counter the rise in the level of Euribor at its meeting on Thursday by either cutting its deposit rate or buying commercial paper from financial institutions to ease interbank lending, according to analysts.
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The Republic of the Philippines printed one of its largest bonds on record this week at exceptionally tight levels, taking $2.35bn from a dual-tranche deal. The sovereign gave investors what they wanted: long tenors, attractive initial pricing levels and full clarity on the impact of Covid-19 on the country, writes Morgan Davis.
