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'Dead quiet' few weeks will benefit issuers as excess bonds need absorption before issuance starts to ‘fire on all cylinders’ from August 17
Supplying a ‘diversity of instruments’ is important for sovereign to meet needs of different investors, says DMO chief
◆ First of two planned linker syndications for 2026-7 executed swiftly ◆ Earlier book open, quick three hour execution to limit risk ◆ £93bn of Gilts issued off year's £246bn programme since April 1
Sovereign issuer overcomes challenges to revive public dollar presence after half a decade’s silence
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European capital markets have continued to function well during the coronavirus crisis, according to a report released on Monday by the Association for Financial Markets in Europe (Afme). However, in terms of primary market activity, the industry body’s data shows quite how sharply issuance has skewed towards investment grade, with riskier debt and IPO markets closed off. -
The European Central Bank is creating a temporary forum to stimulate dialogue between the ECB, national central banks in the eurozone and the private sector on the proposed European Distribution of Debt Instruments (EDDI) project, which aims to create a one-stop synchronised platform for selling bonds across the bloc.
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The European Central Bank has been buying Italian government paper well above the pace indicated by the capital key, but has still struggled to keep the beleaguered sovereign’s spread to Bunds in check.
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Italian government bonds sold off sharply this week as worries grew over the sovereign’s debt sustainability after last week’s Eurogroup meeting left any form of debt mutualisation a highly unlikely prospect in the near term. The result is that Italy will have to rely more on support from the European Central Bank as it prepares to bolt on a much bigger borrowing programme in response to the coronavirus pandemic.
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Agence France Trésor, the French sovereign debt office, has published a second draft budget bill for 2020, which will see it issue much more debt than previously announced.
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Greece did not attract the huge reception from investors that it has grown used to over the last few years, despite paying a considerable new issue premium and being eligible for the European Central Bank’s Pandemic Emergency Purchase Programme (PEPP).
