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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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What a time to be a new UK chancellor of the exchequer preparing to make your maiden Budget speech, as Rishi Sunak will do on Wednesday. He has motive and opportunity to borrow big and pay little for it. Brexit and the coronavirus outbreak mean a lot of spending will need to be funded to keep the UK economy running. But how the cash is deployed will shape the government's credibility in the eyes of Gilt investors. -
The UK Debt Management Office hit the market for an auction of a 10 year line on Tuesday, testing the waters at new yield levels and finding demand. However, the short-dated paper scheduled for next week could prove more challenging.
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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, March 9. The source for secondary trading levels is ICE Data Services.
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The European Central Bank is widely expected to ramp up its efforts to prop up the eurozone economy on Thursday. It could spear the effects of an oil price shock and the spread of the coronavirus outbreak with a trident of bank lending, rate cuts and QE.
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The yields on 10 year Italian and Greek government bonds rose by 30bp-40bp on Monday from Friday’s close after Italy placed a quarter of its population under quarantine over the weekend as the Covid-19 virus escalates.
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The European Central Bank has lifted the limits on exposure to Greek government paper that it imposed on the biggest Greek banks following the eurozone sovereign debt crisis, GlobalCapital understands.
