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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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Bulgaria has joined a handful of SSAs to take advantage of Schuldschein funding in 2013. Bankers expect other borrowers to follow in its footsteps in 2014, but warn they will need to keep deal sizes small.
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The Dutch State Treasury Agency plans to sell a new 30 year line next year for the first time since 2010, to help it towards a €50bn capital markets funding target for 2014.
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Syndicate bankers are urging issuers to be quick out of the gates with their funding programmes for 2014, with a number of borrowers that typically stick to the dollar market thought to be considering euro deals for the New Year.
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Bankers have lobbied supranational and agency borrowers for years to sign two-way Credit Support Annexes (CSAs) to overcome the ramping up of new issue swap hedging costs on primary bond business. It is a cost that has had senior SSA bankers fearing for the very life of the SSA bond business. But now the forces of Abenomics acting upon Japanese investor habits may drive borrowers to reconsider their swap arrangements putting to bed one of the longest running and fiercest debates in capital markets.
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Comments by a senior European Central Bank official this week could have a negative impact on peripheral Eurozone borrowers’ funding costs next year, according to syndicate officials.
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The UK’s Debt Management Office is in discussions with Turkey — and other countries — about the practicalities of launching a debut £200m sukuk, with the likely launch date set for the next financial year.