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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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From Italian government bonds to fallen angels, nothing is junk unless the European Central Bank says so. -
The European Commission’s ideas for a “Union Recovery Programme”, based on an internal note seen by GlobalCapital, are “worrying” based on the limited size and possible conditionality attached to the measures, according to two economists.
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The Republic of the Philippines pushed its bond maturities further this week, selling a 25 year note alongside a 10 year portion. The deal raised a combined $2.35bn, making it one of the country's largest trades.
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Italy’s credit rating is dividing analysts. Some believe that it should have been downgraded by S&P on April 24 because of the country's ballooning debt burden, while others felt that the European Central Bank can keep the refinancing risk at bay.
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The European Council announced little in the way of progress following its meeting on Thursday night, but spreads for bonds from the eurozone periphery proved more resilient than they did following the Eurogroup’s meeting two weeks ago.
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“Who remembers places?” ran a joke on social media as lockdowns swept the globe. The idea that something so fundamental could be forgotten so quickly applies to capital markets too. There, the joke might ask who remembers credit risk. But at a time when central banks seem keen to underwrite credit of almost every variety, maybe it doesn’t matter.
