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Sovereigns

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Weakness observed, but liquid issuers in defensive maturities with ‘good concession and a bit of yield’ have little to fear
Bloc steals focus in euro market this week as World Bank's IDA brings SEC-exempt debut in dollars
New EU deal and year's final sovereign syndications move into focus amid continued yield sell-offs
‘Very important transaction’ for the DMO in meeting investor needs where they are, says debt chief
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  • The Conservative Party’s lead in the opinion polls is giving rise to expectations that risk assets will rally, Gilts will sell off and primary markets will remain open after the UK general election on December 12. But a victory for Jeremy Corbyn’s Labour Party would cause panic.
  • Giancarlo heads to private sector — Barclays structurer goes to buy side — Danske reorganises DCM
  • Christian Schreckeis, the former head of capital markets and investor relations at the Austrian treasury, has taken on additional responsibility for Austria's budget.
  • The FICC Market Standards Board has just released guidance on the proper conduct of government bond auctions, cautioning banks — and primary dealers especially — to manage their conflicts of interest carefully. That’s fine as far as it goes, but the whole point of the primary dealer system is to rig the market, with finely tuned incentives on all sides to make sure governments have access to funding whatever the weather.
  • The UK Debt Management Office (DMO) has announced the timing of the fifth and final syndication of its financial year.
  • S&P raised Ireland’s debt rating to AA- on Friday, almost nine years to day that Ireland agreed to a bailout programme from the European Troika.