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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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Austria's new benchmark was over 10 times covered on Wednedsay, making the sovereign the latest in a string of its peers to receive a record order book for a syndicated bond this year. -
The buy side is keen to be able to buy Gilts that pay a coupon linked to Sonia, investors have told GlobalCapital. The matter was also raised with the UK Debt Management Office, according to the minutes of its latest consultation meeting.
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The Republic of Ghana is visiting investors in the US and London with a plan to print a dollar benchmark. But the delegation’s rumoured size has led to surprises before the meetings have started.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields as of Wednesday, January 29, 9am UK time. The source for secondary trading levels is ICE Data Services.
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The coronavirus outbreak has driven a rush to safe haven assets. While the demand for SSA paper is hotter than ever, some feared that sharply falling yields would make the primary market less attractive. However, borrowers have proved those worries unfounded by building big order books for new bonds this week.
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France printed a €5bn 2052 benchmark on Tuesday, opting for an aggressive pricing strategy and keeping to a more restrained size than its typical €7bn.
