RBC
Capital Markets to run the books for a July 2051 benchmark.
The spread was set at 1.5bp over the 0.625% October 2050 Gilt the tight end of a quarter basis point range. The order book
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By Lewis McLellan
22 Apr 2021
The standardised sovereign, supranational and agency bond fees grid has stood unchallenged for too long. The EU has written its own. Perhaps it’s time for others to follow suit. Even with the EU s lower fees, its huge funding burden means it will still be a hefty payer. It’s not making a stand against SSA syndicate fees just getting a bulk discount. Even that reflects a new approach though, and one that could easily be extended to
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By Burhan Khadbai, Lewis McLellan
22 Apr 2021
The European Commission has torn up the standard SSA fee structure, pushing through its own lower syndication fees for deals under the €800bn Next Generation EU funding programme. The controversial move comes as the borrower opens applications for primary dealerships. Lewis McLellan reports.
The EU will pay an average of 0.068% less across the curve for its Next Generation EU funding than is standard in the SSA market. However, because the issuer is likely to make extremely heavy use of syndications, it will still be the biggest fee payer in the
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By Burhan Khadbai, Lewis McLellan
21 Apr 2021
The feverish demand in the SSA dollar market appears to be waning after a period of abundant supply. While deals on Wednesday seemed to go well, the results were perhaps less remarkable than for some of last week’s outings.
Performance has slackened in the dollar market. “That’s not such a problem for top tier names like those in the World Bank Group,” said a syndicate banker. “But for others, it’s hurting demand. It seems clear there’s fatigue in the market.”“Sentiment has cooled down a little bit
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