UK Sovereign
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The UK’s Green Finance Taskforce has come up with strong recommendations for how the country should green its financial system, including issuing a big sovereign green bond, writes Jon Hay. -
New technologies are marching into the securities issuance process. This week came bids to shake up two very different kinds of private debt — traditional corporate Schuldscheine and funky structured notes.
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Investors this week called on the UK Debt Management Office (DMO) to extend the sovereign’s curve with its next syndication. Meanwhile, the buy-side cheered an agreement on a Brexit transition deal and analysts eyed a Bank of England rate hike in May, after its latest Monetary Policy Committee (MPC) meeting this week.
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Investors are calling on the UK Debt Management Office to extend the sovereign’s curve with its next syndication, as the buy-side cheered an agreement on a Brexit transition deal.
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The UK Debt Management Office (DMO) is forecasting £102.9bn ($143.4bn) of Gilt issuance in 2018/19, a fall of £12.2bn from this financial year, which ends on March 31. But the share of funding to be syndicated is steady — despite some investors over the last few months calling for a reduction in the volume of syndications.
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The UK Municipal Bonds Agency this week took a step towards issuing its first bond after Moody’s granted the institution its first ever rating. The move came as a US asset manager and consultancy firm opened a UK branch with the specific aim of bringing more UK local authorities to the bond market.
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Bond clearing house Euroclear intends to move its holding company from the UK to Belgium as it prepares for the “risks” posed by the UK’s departure from the European Union.
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Public sector borrowers hit new mid-swap spread tights for the year in dollars this week, but despite the enviable pricing on offer, bankers said that the currency was not offering the kind of super strong conditions that had been on offer last year. That might play in the mind of issuers lining up deals for next week — which is expected to be busy — with bankers saying borrowers might need to offer a little more concession than they have been used to.
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The Bank of England’s annual €2bn three year dollar issue was comfortably oversubscribed on Monday, but the smaller volume of orders compared with last year and lack of price movement reflected both the greater difficulty in printing short dated deals and investor pushback against super tight swap levels, said bankers. That may have played a role in FMS Wertmanagement’s decision on Monday to mandate for a five year dollar deal, they added.
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Bank Nederlandse Gemeenten this week capitalised on movements in short end dollar rates to print its largest trade in nearly two years. It was the solitary dollar benchmark this week, but with the Chinese New Year holidays out of the way and Asian investors back at their desks, bankers expect supply to pick up next week and for the very short end to still be the place to be.
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