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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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There is a plan to rescue the US economy with a $500bn corporate bailout. At the time of writing, that plan is held up in the US Senate. While the country's president Donald Trump is griping about the delay, it’s a fight worth having. The Republican Party's proposal is woefully short on oversight. -
The primary public sector bond market came back to life on Tuesday as a pair of sovereigns and the European Investment Bank sold deals alongside German states. But it was far from a case of picking up where they left off as borrowers were made to pay new issue premiums of up to 20bp versus the secondary market levels on screens.
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The first two sovereign benchmarks since February are set to hit the market on Tuesday. Although volatility has not yet abated, bankers are eager for the deals to establish new price points for public sector issuers to start funding their responses to coronavirus.
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The UK Debt Management Office will boost the size of its Gilt issuance programme for its upcoming financial year by up to an additional £45bn in response to the UK’s fiscal package to counter the economic impact of the Covid-19 pandemic, according to a head of UK rates strategy.
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Central banks attacked the coronavirus threat this week, promising swathes of new money on an unprecedented scale to help fund governments’ colossal new fiscal commitments. Bond markets reacted with relief to the swathe of multi-billion programmes aimed at fending off global financial meltdown.
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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.
