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Nine banks chosen to run £1.5bn borrowing programme
‘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
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The Kingdom of Norway is set to sell its first ever syndicated tap. The sovereign hit screens on Monday with initial price thoughts for the reopening of a 10 year Norwegian krone bond. -
JP Morgan, the leading SSA bookrunner over the last five years, is clinging onto pole position for 2020, despite a mighty effort from Citi, which has topped the rankings since the Covid-19 pandemic began disrupting markets in earnest. But it is a far different picture in SSA MTNs with Scandinavians surging to the top, thanks to a growth in niche currency supply.
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France has outlined plans to issue a new 20 year syndicated bond, confirming market speculation that the sovereign was looking to join its eurozone sovereign peers in tapping the capital markets to finance its revised funding programme for 2020 in response to the coronavirus pandemic.
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The pain that negative rates in dollars could cause money market funds hangs like an albatross around the US Federal Reserve’s neck. Talk of them has picked up over the last week as US Federal Funds Futures prices started to imply they were on their way, while president Donald Trump pushed the topic on Twitter, even though and Fed chair Jerome Powell appeared to rule them out.
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Sri Lanka’s dollar bonds were among the worst performing high yield notes in Asia last week, as the country continues to battle the Covid-19 pandemic and refinancing pressures loom.
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Italy has announced the details of a new BTP Italia sale, which will take place from Monday May 18, and be aimed at financing measures in response to the Covid-19 pandemic.
