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◆ Sovereign back in euros, alternating from dollars in 2025 ◆ “Very low double digit” spread over Germany ◆ Sweden, KfW key comps
Likely successor as UK prime minister Andy Burnham further to the political 'left than anyone else’ but market hopeful that scope for more borrowing is limited
Fiscal targets for 2026 already met, more early debt repayments underway
A rally thanks to cheaper oil has let the Gilt market defer its reckoning with political risk. But it is coming, for sure
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Whether Germany pushed investors too far this week was of secondary importance -
Market split over whether the issuer pushed pricing too far
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Usual fourth syndication to follow after the summer
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Sovereign achieves bigger greenium than in 2023, but orders fell by more than half after price was tightened
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Domestic investors dominate despite European interest but Asia buyers take less than in previous deals
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OATs held up as market did not see the one-notch downgrade as 'shock' or 'big surprise'
