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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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Eurex, the derivatives exchange of Deutsche Börse, will start offering BTP options on October 2. -
Two more public sector borrowers brought strong trades to finish a bumper week of dollar deals, both printing $1.5bn of short end dollar paper.
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Saudi Arabia cut through rising swap spreads on Wednesday to print its third jumbo transaction, bringing its funding efforts to $39bn over 12 months. The issuer kept the buyside sweet with around a 10bp new issue concession, and all three tranches were tighter in the secondary market on Thursday.
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A glut of short end dollar issuance this week is set to ramp up on Thursday, after a pair of rare names in the currency mandated on Wednesday. The trades will follow a strong showing from Finnvera after the Finnish agency — also an uncommon name in dollars — printed its largest ever trade in the currency.
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Saudi Arabia is having a good week — finally allowing women to drive, albeit not until June 2018, and bookbuilding for a third jumbo international bond. But investors are praying the sovereign does not step on the accelerator too hard and leaves some spread on the table to ensure performance, after a poor week for EM new issues.
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EM investors are nervous: only one of the new emerging market sovereign bonds issued in the last two weeks is trading above par and now Saudi Arabia has opened books on what is likely to be a third jumbo transaction.
