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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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The Covid-19 pandemic is forcing many of Europe's sovereigns to expand their borrowing programmes. This week's funding scorecard looks at the changes European sovereigns have made to respond to the crisis, and the progress they have made in their funding programmes as we approach the end of the first quarter. -
Some investors are moving cash out of the sovereign, supranational and agency bond sector and looking to deploy resources in high grade corporate credit, thanks to improved valuations in that sector and the threat coronavirus poses to sovereign debt sustainability.
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The EU took serious steps towards helping member states deal with the cost of the coronavirus crisis this week, with the European Central Bank removing the issuer limits from its emergency purchase programme and the Eurogroup reaching agreement on a new credit line from the European Stability Mechanism. Despite these important breakthroughs, one question still looms large: can the eurozone come together to issue joint corona bonds?
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