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Second digital project won’t be the issuer’s last, Länder peers may be ‘interested and willing’ to join in
◆ Half-year close keeps some issuers on sidelines ◆ Bankers expect big euro supply to come ◆ More concession on pricing could be required
A Kilt will pay a spread over Gilts it cannot justify on credit, which makes it a political gesture rather than a funding tool
Guillaume Pichard, assistant deputy minister, on the five year call, the repo boost and the cost versus home
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While the European Central Bank’s willingness to backstop eurozone sovereigns has calmed the common currency crisis, few would claim that it has solved it. Many investors and analysts remain sceptical over the adequacy of measures taken and the depth of commitment behind them, reports Julian Lewis.
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Supranational borrowers cannot ever have had it so good as over the last couple of years. Blessed with credit quality as rock-solid as it gets in the middle of a prolonged flight to quality, this group of borrowers has been able to take advantage of a strong bid not just in core currency markets but also in local currencies as a rush for yield has sent investors scrambling every which way to try and earn a return.
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The landscape of the SSA market has changed immeasurably for dealers since the beginning of the global financial crisis in 2008. When UBS bowed out in 2012 blaming low returns, it signalled both a period of opportunity and of heightened risk for those dealers that remained. Ralph Sinclair reports.
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Euro deals have been flooded with orders this year despite the achingly low yields on offer and a eurozone economy that remains firmly stuck in neutral. Tessa Wilkie reports on what is driving demand.
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The impressive stability of German real estate is drawing an expanding equity investor base but the onerous requirements of listing mean supply will likely continue to lag demand. Lucy Fitzgeorge-Parker reports.
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France, Cades and the State of North-Rhine Westphalia have mandated banks to lead manage euro benchmarks as an agreement on the Cyprus bailout provided a good enough backdrop for SSAs to get stuck into the euro market.