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Record start for Europe’s debt markets should not obscure risks ahead
As Europe’s primary bond markets open up in January, two things are almost guaranteed: a rush of supply and record order books. However, the start to 2024 was more remarkable on both fronts given the new monetary policy environment that markets find themselves in. The most notable transaction at the start of year – in terms of demand at least – was Spain’s new €15bn 10-year bond, which amassed an order book of €138bn. That was not only Spain’s biggest ever book but the biggest ever for a sovereign syndication. It was just shy of the most demand received in bond market history – a claim that belongs to ... (full story)