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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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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. -
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.
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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.
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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.
