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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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Public sector borrowers returned en masse to the primary bond market this week, with many selling new issues with an explicit focus on providing emergency financing in response to the coronavirus outbreak. -
The SSA market appears to be well and truly up and running, with four SSA borrowers hitting screens for new bonds in euros on Thursday, pulling in an impressive €11.5bn with deals from three to 30 years
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The European Central Bank announced on Wednesday night that it would be removing the self-imposed limits on its holdings of sovereign debt for its €750bn pandemic emergency purchase programme. The news drove an impressive reduction in the spread to Bunds on government bonds from the eurozone periphery.
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Spain led the way back into primary bond markets in no uncertain terms this week, raising a staggering €10bn of seven year cash and demonstrating that, in spite of the worst bear market in history, investors are still happy to buy at the right price. Pablo de Ramón-Laca Clausen, director-general of the Spanish treasury, talked to GlobalCapital about the experience.
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The 2008 financial crisis forged a generation of investment bankers well versed in advising governments — and with many having returned to banking, they are likely to be in demand again. But history suggests banks will not be earning lucrative fees, writes David Rothnie.
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The Republic of Austria and the African Development Bank announced new bond transactions on Wednesday which will be used to provide emergency financing in response to the coronavirus outbreak.
