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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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Bund yields seared past their record lows on Friday morning after the UK voted to leave the European Union — but no one on the continent will be celebrating the super cheap funding on offer as ‘Brexit’ blocked next week’s pipeline and ensured the only certainty over the next few days is more uncertainty. -
Market indicators suggest the UK will vote on Thursday to remain part of the European Union, with riskier assets outperforming safe haven instruments — meaning the public sector bond market could reopen next week.
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Greek government bonds were the strongest performer in the eurozone on Thursday, with yields plunging after the European Central Bank reinstated a waiver that allows the use of the paper as collateral in monetary policy operations.
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Poland is looking to join the club of Panda bond issuers, having signed up Bank of China to lead its transaction. But the sovereign plans to swap the renminbi proceeds back into euros as it has little need for the Chinese currency.
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Emerging market bond bankers are already looking beyond Brexit as super-tight spreads in central and eastern Europe, caused by a Remain-led rally, make issuance levels look attractive.
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Hopes are rising that the public sector bond market could spark back into life next week, as the Remain campaign in the UK’s referendum on European Union membership appears to be gaining momentum.
