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An public sector issuer breaking a record with a deal this week became so common a claim it began to sound like, well, a broken record. But questions remain about how robust demand really is
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
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The prospect of the UK voting to leave the European Union has become the foremost focus of fund managers and volatility traders, even as the latest poll on Brexit gave the ‘Remain’ campaign an 18 point lead over ‘Leave’ — prompting the pound to rally to its highest point against the dollar since May 3. -
Intercontinental Exchange is readying to offer a new form of interest rate futures contract aimed at supporting term financing deals such as repurchase agreements.
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Romania was on track to print a 12 year euro-denominated note on Thursday having launched the €1bn trade at 225bp over mid-swaps.
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Italy brought a rare syndicated effort at the short end of the euro curve on Wednesday, but there was little sign that the unorthodox approach disturbed investors as it built an oversubscribed book at a punchy price.
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Public sector borrowers are taking advantage of some of the best conditions in the dollar market all year to print jumbo sized deals at the tightest spreads to US Treasuries in months.
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Italy has confirmed it is considering a 50 year benchmark, a deal that would put it in an exclusive club of half century sovereign issuers. But while some bankers may suggest it wait to lock in even lower yields than its peer Spain achieved last week, the issuer would be wise to move before June.
