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New EU deal and year's final sovereign syndications move into focus amid continued yield sell-offs
‘Very important transaction’ for the DMO in meeting investor needs where they are, says debt chief
Month-end buying from investors in secondary market to determine backdrop for next wave of issuance
‘Pragmatic’ approach from borrowers set to benefit upcoming wall of issuance
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Two more eurozone sovereigns are set for syndications on Wednesday, with France eyeing up 20 years and Iceland coming for a six year bond. -
The EU should further loosen bank leverage ratio requirements if it wants to avoid a credit crunch amid Covid-19, according to Michael Lever, head of prudential regulation at the Association for Financial Markets in Europe.
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Spain’s economy ministry has announced an update to the sovereign’s 2020 funding programme, which will see it borrow much more than initially announced as it tackles the pandemic.
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The head of the Cyprus public debt management office believes that the amount Cyprus can claim under the ESM pandemic support facility “is insufficient to justify any such action”.
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Cyprus may become the first country to access the ESM’s pandemic support line, borrowing 2% of its GDP for up to 10 years.
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France and Germany presented a joint plan for a €500bn grant-based EU recovery fund earlier this week. Eurozone periphery investors reacted with delight, but other member states resisted. Despite the opposition, most believe that Germany’s support of the plan marks a sea change in European politics and offers a chance for Europe to catch up with the Covid-19 spending of other developed economies, writes Lewis McLellan.
