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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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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, April 6. The source for secondary trading levels is ICE Data Services. -
The Republic of Indonesia turned to the bond market on Monday to fund its Covid-19 relief efforts, raising $4.3bn from a triple-tranche deal. Investor demand for long-dated tenors encouraged the country to offer a 50 year note as part of the trade, making it a first for Asian sovereigns.
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More than 100 charities and other organisations are urging that developing countries' debt payments be cancelled this year. They have called for interest and principal payments to be withheld from public and private sector lenders.
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According to data from the European Securities and Markets Authority, new trade receivables securitizations are still being regularly financed by banks through their asset-backed commercial paper (ABCP) conduits, with market participants saying that lenders remain open for business — for existing clients only.
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Eurozone sovereigns extend their syndication spree this week with Cyprus and Ireland mandating banks for new deals on Monday. Both sovereigns are preparing bigger funding programmes in response to the coronavirus pandemic.
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Investors see the rapid wave of downgrades in response to the coronavirus crisis as evidence that rating agencies are “doing their jobs”, compared to their responses during the 2008 financial crisis.
