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Supplying a ‘diversity of instruments’ is important for sovereign to meet needs of different investors, says DMO chief
◆ First of two planned linker syndications for 2026-7 executed swiftly ◆ Earlier book open, quick three hour execution to limit risk ◆ £93bn of Gilts issued off year's £246bn programme since April 1
Sovereign issuer overcomes challenges to revive public dollar presence after half a decade’s silence
Spreads expected to remain ‘well anchored’ in coming weeks despite this week’s blip
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In the West a shift in focus towards fiscal stimulus and away from austerity was already underway before the shock result in the US presidential election. That shift will accelerate in 2017, with more government borrowing and a deterioration of sovereign creditworthiness. Bad news for fixed income? Not all investors think so. Craig McGlashan reports. -
China and Russia are forging ahead with closer financial market ties, with the Moscow Exchange (Moex) and Shanghai Stock Exchange (SSE) looking to facilitate two-way investments between the countries. This comes as the Russian ministry of finance is still finalising plans for the first RMB-denominated bond to be issued in Russia.
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CEEMEA borrowers had their busiest year since 2013 this year, issuing $157bn of international bonds which is just shy of double 2015’s volumes.
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France will aim for the long end of the curve with its first ever green bond, which it plans to syndicate in 2017.
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Three public sector borrowers tapped the sterling market this week in a late spurt of issuance driven by the basis swap and a move in outright yields and, with 2017 brimming with political risks, borrowers might be advised to look for opportunities in the currency next year.
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Poland broke new ground this week, issuing the first ever sovereign green bond. The deal offers a template to future sovereign borrowers, even though some dedicated SRI accounts would like to see future issuers more clearly identifying projects to finance, writes Virginia Furness.
