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French government vote and EU syndication to shape market in coming days
◆ Other recent German deals finished uncovered ◆ RV against KfW was important ◆ Some argue outcome 'not great'
◆ Third SSA in a week gets low demand ◆ Starting level 'seemed good approach' but fails to draw appetite ◆ Coupon level gives hope in secondary trading
First batch of post-summer new issues flooded with demand, but will it last?
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The UK Municipal Bonds Agency is set to come to market for its third bond ever — this time, on behalf of Warrington Borough Council.
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Banks were busy issuing sub-benchmark sized deals in the euro public market last week, prompting several issuers to follow suit in the MTN market.
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Giving cheap loans with few restrictions to local authorities via the Public Works Loan Board is not a suitable replacement for central government funding. This must change, or London Borough of Croydon will only be the first council to fall into insolvency.
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Issuers are winding down their funding programmes before the end of the year and several smaller SSAs have turned to MTNs to complete the little they have left to do. The big deals of the week, however, came from corporates, with Volkswagen and Eurogrid coming in at opposite ends of the curve.
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Rising coronavirus cases and circling uncertainty around the upcoming US election is driving the Swedish krona market towards higher rated, domestic names.
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THE CITY of Lugano sold a bond that has pushed the Swiss franc curve out to its farthest point this week, locking in a coupon of 0.15% for 50 years, following a similar deal for Bern last month.