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Concession was higher than trades from earlier in the year
Sovereign's trade will form a yardstick for concessions investment grade CEEMEA borrowers may need to offer
Debut took a long time but established market access, says country's debt chief
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As the Middle East war shakes bond markets, non-sovereign public sector issuers are proving their safe haven status
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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. -
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.
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Any concerns over whether the eurozone periphery would have market access after Bund spreads yawned wider during the past week were put to bed by a combined €31bn of borrowing from Italy and Spain. The sovereigns paid what was needed to put impressive dents in their ballooning funding requirements, ahead of a hotly anticipated European Council meeting on Thursday. Lewis McLellan and Tyler Davies report.
