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Analysts discuss the scope of tightening in Bund swap spreads and the impact on SSA spreads
OATs and OLOs could weaken further versus Bunds while southern European countries and EU continue to paint a positive picture
Uncertainty looms large as presidential race far from clear and budget negotiations potentially ‘highly challenging’
Summer in full swing but first two weeks of August not completely off the cards for non-euro deals
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Tiny Luxembourg is looking to elbow the United Kingdom aside in the race to become the first European sovereign to issue sukuk debt. Despite its larger rival’s bid to be the foremost Western centre for Islamic finance and local bank buyers, the grand duchy has already introduced a bill to bring up to €200m of shariah-compliant notes in euros or dollars.
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Europe’s debt markets could see agencies issuing hybrid bonds in coming years as they look to adapt to a new regulatory environment, writes Tessa Wilkie.
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The Luxembourg government’s introduction of a sukuk bill has raised the possibility that it might stump the United Kingdom’s bid to issue the first European sovereign Islamic paper. But rather than causing alarm among UK Islamic finance practitioners, this competition for the limelight should be celebrated as a win-win for the market.
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The Swiss franc bond market had its first taste of socially responsible investment bonds this week, with the European Investment Bank issuing a highly successful, long dated green bond, reports Nathan Collins. And where the EIB leads, other supranationals and agencies tend to follow, with bankers predicting more issuers likely to turn to Switzerland as a source of buyers for both SRI debt and duration.
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Italy brought a touch of sobriety to an otherwise giddy week for the eurozone periphery, as its 12 month borrowing costs rose at an auction on Friday. But with its longer dated debt performing strongly in secondaries, the sovereign is unlikely to be perturbed as it gears up for its first bond sale of the year early next week.
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Export Development Canada is set to sell the first Kauri bond of the year this Friday, a five year note that is seeing a strong bid from central banks. One of the Washington supras is expected to bring a similar trade next week, while niche bankers are also planning a number of deals in the same maturity in Kangaroo format.