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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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The Republic of Indonesia priced a ¥100bn ($900m) bond on Wednesday, its first public Samurai deal in decades and its maiden fundraise following an upgrade to its credit rating. Although the issuer was forced to drop a 10 year tranche, its transaction was a blow-out, reflecting Japanese investors’ strong interest in foreign paper. Addison Gong reports. -
The Republic of the Maldives raised $200m from its maiden international bond on Wednesday, pushing Asia ex-Japan G3 sovereign debt issuance to $9.7bn year-to-date — the second highest volume since 2010.
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Latvia launched a €350m dual tranche tap of its 2026 and 2036 bonds on Thursday morning, its second visit to the international markets this year.
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The European Commission plans to review proposals for creating a common eurozone ‘safe asset’, including looking at the tranched sovereign debt plan put forward by the Irish central bank last year.
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The UK Debt Management Office is keeping its options open on a planned syndication for September, a deal some investors feel the sovereign should use to push its conventional curve out to 2072. Meanwhile, a French agency is bringing its first syndication in sterling for over two years.
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Ivory Coast is using the strong investor bid for sub-Saharan Africa to fund in euros, to which its currency is pegged, and to reduce its dollar liabilities with a buyback. The deal is the latest example of borrowers from the region making smart use of the larger box of funding tools now available to them.
