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'Dead quiet' few weeks will benefit issuers as excess bonds need absorption before issuance starts to ‘fire on all cylinders’ from August 17
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
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A bigger than expected push towards monetary easing by the Bank of England on Thursday sent Gilt yields to new record lows, but unfavourable basis swap rates and a rampant dollar market means an uptick in arbitrage funding in sterling by public sector borrowers is unlikely, said bankers. -
The State of Brandenburg drew a well oversubscribed book for a no-grow €300m August 2036 bond on Tuesday, adding to a spurt of 20 year euro deals over the past two weeks.
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Republic of the Congo’s bonds dropped four cash points since Tuesday as all three ratings agencies downgraded the country this week. The downgrades follow the sovereign's default last week on a principal and coupon payment for its only international bond.
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Investor appetite for African risk seems to have found its upper limit as even the EM bulls would not stretch to buying Ghanaian sovereign risk at the asking price on Thursday, writes Virginia Furness.
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Republic of Ghana postponed its dollar bond issuance on Thursday after pricing moved against the issuer. It will proceed with a $100m buy-back of its 2017s but there is confusion about the outcome of a parliamentary vote on Tuesday.
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Public sector dollar flow picked up on Wednesday after a quiet start to the week, as World Bank brought a four year benchmark and Tunisia sold a bond backed by the US government.
