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◆ Oil trumps politics ◆ Kuwait scores late winner ◆ How to save Thames Water harmlessly
New prime minister and surprise chancellor jolted the Gilt market, but oil shooting above $100 shows where the real power lies
John Healey resigned because the money was not there for defence. It may not be there for anything
'Dead quiet' few weeks will benefit issuers as excess bonds need absorption before issuance starts to ‘fire on all cylinders’ from August 17
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Argentina has released price guidance for a €2.5bn triple tranche bond at levels a trader in London described as shockingly wide, while investors started to fret about how much debt the country takes on. -
Chinese issuers have seen bond prices ebb and flow in recent weeks, as the market prepared for and then reacted to the Chinese sovereign’s $2bn issuance last week. The deal caused a massive price tightening across Asia, but the dive in credit spreads proved short-lived. Morgan Davis and Addison Gong report.
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The European Central Bank’s decision last week to keep buying bonds through to September 2018 — albeit at a depleted rate from January — should put a ceiling over Spanish government bond yields, even if the Catalan independence saga rolls on, said an investor. But the ECB is walking a “tightrope” by pushing back monetary policy normalisation to 2019 at the earliest, he added.
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Investors appear emboldened by news of a snap election in Catalonia, returning to Spanish government bonds and pushing yields down to near two month lows.
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The Asian bond market opened with elation on Friday, following China’s blockbuster dollar transaction on Thursday that reset the curves not only of Chinese issuers, but for the rest of Asia as well.
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After several months without any long end dollar benchmark bonds from public sector issuers, two came along at once this week — bolstering confidence that conditions are right for a borrower to print in jumbo size in the tenor for the first time in more than two years.
