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◆ First of seven syndications breaks multiple records ◆ Investor engagement and communications helped stable execution ◆ Smaller programme this year but ‘still a lot’ to tackle
Busy and ‘euro-heavy’ week ahead but dollar pipeline also building with issuers set to bring forward bond plans
◆ Minimal premium paid ◆ Size at top of range ◆ Issuer seizes upon stability
◆ 'Cautious' start say some market participants ◆ New issue premium debated ◆ Price and size praised by rivals
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Bank of America Merrill Lynch hires fintech chief — Perella Weinberg builds European restructuring team — UniCredit finds SSA trading boss. -
LiquidityEdge, which operates an electronic marketplace for US Treasuries, could now look at offering a similar service in the European government bond market after its purchase by MarketAxess. The latter’s president, Chris Concannon, sees the pressure European banks face to cut costs as a boon for trading automation in the region.
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An impressive rally in Italian risk assets has been completely overturned this week, as Italy descended into political chaos. Some market participants now fear a repeat of last year, when Italian issuers were frozen out of debt and equity markets as the country’s government fought with the European Commission over its annual budget targets. Tyler Davies and Sam Kerr report.
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The two to 10 year section of the Gilt market inverted on Wednesday and 30 year US debt yields fell below 2%, strengthening portents that the UK is headed for a recession, though SSA bankers showed no concern about the moves.
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Sweden broke new ground on Wednesday by selling a new 10 year bond with a negative yield for the first time. Investors are pouring into haven assets amid mounting concerns over both the domestic and global economies.
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The two to 10 year section of the gilt market inverted on Wednesday, strengthening portents that the UK is headed for a recession, though SSA bankers showed no concern about the moves.
