◆ Credit market wakes up to France debt risks ◆ NatWest resurrects primary dealership dilemma ◆ IPOs are go but time running out
Credit markets are adapting to the growing pressure on French government bonds as the country grapples with its public finances. The signs are that OAT market pain is spilling over into other asset classes. We discuss just how far the pain will spread.
France isn't the only country with rising yields and borrowing needs, however. So NatWest Markets' decision to give up all of its primary dealerships except for the UK triggered much discussion about whether sovereign issuers are engaging in the right way with the banks that support their bond issuance. We discuss the costs of being a PD, and the cost to the issuer when its dealers quit.
Finally, plenty of initial public offerings are going through the market but there is a growing sense that issuers waiting in the wings are running out of time to come to market. We look ahead to the pipeline of deals.
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