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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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Since the start of the Covid-19 crisis, Finland has found a novel way to meet its increased funding needs: private placements. Over the last six weeks, the sovereign has supplemented its regular auctions with €5.65bn of privately placed trades, issuing private debt off its benchmark bond programme for the first time ever. -
Germany has picked the banks that will run its first syndicated transaction since 2015 and its first 15 year bond. The sovereign will likely make its market return on Wednesday. The trade forms part of Germany's updated strategy for its colossal funding programme financing the response to the Covid-19 pandemic.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, May 4. The source for secondary trading levels is ICE Data Services.
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Germany's Federal Constitutional Court ruled on Tuesday that, while it was not illegal for the Bundesbank to participate in the the European Central Bank’s Public Sector Purchase Programme, the country's central bank may not participate in it unless the ECB can provide a thorough impact assessment. The decision rejected an earlier verdict by the Court of Justice of the European Union.
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Sovereign, supranational and agency borrowers have taken the lead in financing the world's response to the coronavirus pandemic. Funding targets and instruments are constantly being updated. Keep track of the public sector's response to Covid-19 here.
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Greece is looking to divert the use of proceeds of its borrowing to help it tackle the coronavirus crisis, but that is not likely to result in an increase to its funding programme.
