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◆ €18bn blockbuster executed in June ◆ Book size and quality both comparable to January ◆ Greece, Sweden to conclude sovereign pipeline for H1
◆ Lead points to high-quality book ◆ Subscription ratio slips from prior tap ◆ Maturity had 'pretty clear consensus'
‘Very normal market’ despite ongoing war and volatility to support another wave of new issues
Bankers say the ambition to price the first SSA bond through US Treasuries has faded as recent five year deals stall and barely perform in secondary
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An attempt by Indian regulators to develop a framework for municipal bond issuance has been welcomed as a step in the right direction to meet the country’s infrastructure needs. However, analysts warn that the any framework would do little to boost municipal bond usage in the short term. -
The Republic of the Philippines got a boost ahead of its expected return to the international debt market after Moody’s upgraded the sovereign’s rating by one notch to Baa2 from Baa3 on December 11.
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Deutsche Finanzagentur printed €4bn of two year bonds through an auction at negative yields on Wednesday. Yields were up 1bp from the last auction of the tenor but the bid to cover ratio also rose.
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A pair of eurozone periphery sovereigns suffered rising yields at short end auctions on Wednesday, as the region’s bonds sold off for a second straight day in secondaries.
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The International Monetary Fund (IMF) estimates that Ukraine needs to find an additional $15bn to avoid financial collapse. News of this funding deficit has sent shockwaves through the market, but analysts are confident that Ukraine will have funding options and that it is too early to fear default.
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Greece’s yield curve inverted on Tuesday, and its comeback five year bond reached its highest yield since it was priced back in April. All of this seems to have been because the country’s prime minister called a snap presidential election. But it is hard to fathom why this should suddenly concern investors holding Greek debt that matures in 2016 and beyond, considering the election was going to happen in a couple of months anyway.
