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Sovereigns

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◆ AFT's Antoine Deruennes says 'clear message' showed demand for 30 year ◆ Speedy execution before US employment data ◆ Green OAT syndication next
◆15 year a ‘good entry point to the long-end’, says sovereign ◆ Fear of missing out from both old and new investors ◆ Why Italy ran no co-lead pot this time
The sovereign had to move fast to beat the release of US economic data
Pension funds 'very much present' in the deal and central bank demand 'quite remarkable', says issuer
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  • Rating: Baa1/A-/A-
  • SSA
    Wider euro spreads versus swaps and Bunds had already led to some superstrong trades in the currency this year, but Spain outdid them all this week with the largest ever book for a public sector euro benchmark. Every other euro deal also attracted heavy oversubscription with minimal concession, paving the way for expected supply next week from a “large German agency in the short end” and a “central European sovereign in 10 years”, according to one head of SSA syndicate.
  • CEE
    The Republic of Turkey on Thursday returned to the capital markets for the second time this month, launching a €1.25bn six year bond and taking advantage of a recent buying spree in the country’s bonds.
  • CEE
    The Republic of Turkey has returned for a bond in euros after the $2bn note it sold earlier this month rocketed in value.
  • Investors are betting that US Treasury yields will narrow relative to Bund levels, as a myriad of global concerns cause investors to look for haven assets — which will opt for the higher returns in US bonds over Europe.
  • Emerging market investors are enjoying an excellent start to the year in the secondary market, but primary supply has not maintained its strong start to the year. Bankers and investors are confident that issuers will get moving soon though.