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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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The biggest investment banks are enjoying strong trading revenues from the market moves related to the coronavirus pandemic, alleviating a freeze in M&A and underwriting activity. The banks appear well-placed to deal with corporate drawdowns, although there is some debate around wider liquidity profiles. -
The Reserve Bank of Australia (RBA) is to start quantitative easing for the first time, it said on Thursday, while earlier this week the Reserve Bank of New Zealand (RBNZ) slashed rates and the New Zealand Treasury set out plans to increase its bond market borrowing.
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After an extraordinary Monetary Policy Committee meeting on Thursday, the Bank of England voted to drop the base rate by an additional 15bp to bring it to a new low of 0.1%. Alongside this cut, the central bank has announced it will up its holdings of government and corporate debt by £200bn. Initial signs in the bond makrets were positive.
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European government bond spreads have tightened in response to the European Central Bank's decision on Wednesday to beef up its bond buying. Italy’s spread to Germany contracted by more than 120bp since Wednesday morning's wide but SSA borrowers are not ready to return to the market yet.
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The promises of economic support for economies battered by coronavirus from the UK and US governments have caused their curves to cheapen sharply, driving up borrowing costs.
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During consultations with Gilt-edged Market Makers (GEMMs) and Gilt investors on Monday, there was a preference for the UK Debt Management Office to reopen its 1.875% 2054 Gilt in mid-May for the first syndication of its 2020/21 financial year.
