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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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The scale of change in financial markets over the past decade has been crazy. At the beginning of 2010, the eurozone sovereign debt crisis was a gathering storm, with Greece about to become its first and biggest casualty. A decade on, some now consider the Hellenic Republic a safe haven investment as investors try to protect their money from the repercussions of the coronavirus outbreak. -
Greece hit the market with its longest bond since the sovereign debt crisis on Tuesday. Its boldness was rewarded by its strongest order book since it returned to capital markets.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields as of Monday January 27, 9am UK time. The source for secondary trading levels is ICE Data Services.
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Greece and France mandated banks on Monday for new benchmark offerings at the long end of the curve, the former bringing its longest bond since the eurozone debt crisis. The sovereigns are taking advantage of a sharp rally in core and peripheral eurozone sovereign yields, partially engendered by a flight to quality over the coronavirus scare.
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The European Central Bank launched a strategic review of its monetary policy strategy on Thursday, but otherwise kept its fairly dovish stance on eurozone rates more or less unchanged.
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The risk that huge amounts of oil and gas assets will be stranded by moves to tackle the climate emergency may be more pertinent for sovereign credit than for private sector corporate debt, according to new research.
