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Markets ‘not out of the woods yet’ as large sovereigns shorten execution process to de-risk issuance
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
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Though Crédit Agricole is rarely considered one of the glitziest houses in the capital markets, a target of doubling revenues in global markets in five years’ time stands in sharp contrast to the gloom pervading its peers. It’s a plausible plan, too — the future belongs to the well-capitalised. -
A pair of eurozone periphery sovereigns have deals in the pipeline — but could face problems bringing the trades, bankers warned this week.
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Amid much turmoil over whether Portugal will lose the one investment grade rating that is keeping it on the European Central Bank’s shopping list, no one is asking a vital question.
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South Africa was thrown into financial uncertainty this week as its finance minister, Pravin Gordhan, became embroiled in a corruption probe by the country’s elite police unit, the Hawks. Volatility hit local currency bonds, which remain some 50bp wider, but the country’s sovereign curve is already recovering and in equities and loans it is business as usual. But some say this underplays the risk of investing in South African assets.
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A dance of low yield limbo is forcing public sector borrowers to rewrite their autumn funding plans as crushed rates have made the short end of the euro curve all but inaccessible. Lewis McLellan reports.
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Abundant oil reserves transform a country’s economy. The results are not always positive — some sovereigns suffer from the “Dutch Disease”, which inhibits exports of non-oil goods through an appreciation in the real exchange rate. But overall natural resources, in particular oil and gas, prove to be a boon for the lucky country’s finances.
