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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
Huge order book allowed the issuer to increase size of five year dollar trade
Issuer had already pre-funded in dollars earlier this year
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The UK government in London may be prepared to give Scotland the authority to print its own bonds, thus adding a new issuer to the exclusive sovereign, supranational and agency market, but the real power over whether or not the country ever raises its own bonds may lie with investors both within it own borders and elsewhere in the UK, writes Craig McGlashan. -
The granting of bond issuing powers to the devolved Scottish government is nothing but a political play.
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The peripheral eurozone recovery ride gained more momentum on Thursday, as Spain’s 10 year yields tumbled at auction to levels last seen in the middle of the last decade. A day earlier, the Community of Madrid printed its second super long dated private placement in a week while Portugal sold short term paper at its lowest yields since late 2009.
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The SSA bond market could have a new issuer to look forward to after the UK government on Wednesday handed the devolved government in Scotland the power to issue its own bonds.
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Borrowers in the eurozone’s periphery can do no wrong at the moment and nor can any wrong be done to them, it seems. Madrid has smashed its longest tenor record with a private placement, which came amid a series of strong data and rating actions for the eurozone periphery. The Spanish and Portuguese sovereigns are set to benefit from the optimistic conditions when they auction debt later in the week.
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Read on to see how deals priced earlier in the year are faring in secondary. Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data.
