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Switch auctions to make comeback as DMO chief discusses record breaking deal and 2026-27 funding
◆ Sovereign breaks BTP orderbook record again ◆ Demand was huge, but not because price was cheap ◆ Curve stability despite addition of jumbo 10 year
◆ Biggest and most popular green OAT ever ◆ Third and final syndication came earlier than in previous years ◆ Leading position in green bonds and EGB market affirmed
◆ First of seven syndications breaks multiple records ◆ Investor engagement and communications helped stable execution ◆ Smaller programme this year but ‘still a lot’ to tackle
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Republic of Turkey has turned to euros for its second trade since its constitutional referendum on April 16, as Yapi Kredi markets a lira denominated Eurobond. -
Qatar’s debt sold off sharply on Monday after Saudi Arabia, the UAE, Bahrain and Egypt severed diplomatic relations, as well as all land and sea contacts, with the gas-rich state. Bankers recall a similar “flare up” in 2014, but are concerned about stability in the region’s financial markets.
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Sovereign debt management offices (DMOs) have lambasted proposals for creating common eurozone ‘safe assets’ in the form of sovereign bond-backed securities (SBBS). The European Commission said this week it planned to review the idea — and is likely to find a more optimistic tone from investors.
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While SSA syndicate bankers maintain that conditions in euros are still good, there was barely any issuance this week as attention turned to next week’s ECB meeting and a potential snap election looming in Italy. Meanwhile, the European Stability Mechanism and European Financial Stability Facility revamped their funding programmes in light of better than expected funding opportunities in the past few months.
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The Republic of Côte d’Ivoire’s plans to issue the first euro denominated trade from sub-Saharan Africa is dividing the market. Some see the trade as a sensible move to fund in the country’s “natural currency” while others argue that the trade could be a warning sign that we are reaching the top of the bull run.
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The UK Debt Management Office (DMO) is keeping its options open on a planned syndication for September, as Gilt yields fell following polls showing the opposition Labour Party was gaining ground on the ruling Conservatives ahead of next week’s UK general election.
