Europe
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Exceptional moves in rates could impact relative value across the FIG capital structure -
◆ German state braves extreme spread volatility ◆ Deal was priced after government signalled higher Bund and Länder supply ◆ ‘Flip side for investors’ is much higher yield
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EGBs sell off as Germany tries to fund both infrastructure and defence through debt brake reform
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◆ Germany syndicates new Bund after spending shock ◆ Was the spread tight? ◆ ‘A great sign’ that market still functions
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◆ Three IG corporate issuers snag more than €12bn of demand ◆ Whipsawing rates do little to dent appetite ◆ Yield hogs: Harley-Davidson tightens spread by 45bp
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◆ First sterling benchmark from UK water this year ◆ Lands inside fair value ◆ Comes amid wild moves in rates market
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◆ New €5bn line opened against ‘not easy’ backdrop ◆ Planned long-end OLO turned out to be 2042 ◆ Flexibility once again serves sovereign well
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Loan brings to total revolving credit to £850m
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An €800bn defence package was unveiled ahead Thursday's special defence summit
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Bonds have only dropped a few cash points since last week
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Listed investment company is striving to cut debt costs
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Scope warns country is ‘heading towards difficult budgetary trade-offs’ with increased defence spending
