IFR International - 21.07.2018

Terna passes green test

with flying colours

Growing demand for green format but issuers tread cautiously

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.OVEMBERû

Pauline Renaud

WEEK IN NUMBERS

60%

„ THE PERCENTAGE OF INVESTORS

RESPONDING TO A BAML SURVEY WHO

CITE A TRADE WAR AS THE BIGGEST RISK

4

„ THE NUMBER OF YEARS SINCE GOLDMAN

SACHS WAS LAST IN THE STERLING

MARKET. UNUSUALLY, THE BANK TURNED

TO THE SECTOR FOR ITS FIRST TRADE

POST-RESULTS

US$1.75bn/€1bn

„ THE SIZE OF EACH TRANCHE OF

ALTICE’S DUAL-TRANCHE OFFERING LAST

WEEK IN ITS FIRST BOND MARKET OUTING

SINCE ITS WOES LAST WINTER

2.62%

„ THE YIELD ON TWO-YEAR TREASURIES.

IT’S THE FIRST TIME SINCE 2008 THAT

THE BENCHMARK NOTE HAS BEEN

QUOTED ABOVE 2.60% AND THE SPREAD

WITH 10-YEAR TREASURIES IS NOW JUST

26.5bp

€792m

„ THE AMOUNT THE ECB BOUGHT

THROUGH ITS CSPP IN TRADES SETTLED

IN THE WEEK UP TO JULY 13

In total, it has bought €164.123bn

0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

2/01/08 0 2/01/09 0 02/01/1002/01/1102/01/1202/01/1302/01/1402/01/1502/01/1602/01/1702/01/18

%

Source: BAML

%

0

10

20

30

40

50

60

Euro/EM

debt crisis

Fed/ECB hawkish

mistake

Trade war