Euro
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Investors are upbeat about the prospects for Italian government bonds, believing that “market forces” will act as buffers to the effects of exuberant populist government policy. The sovereign had an auction of medium to long term debt this week that was well supported. -
Investor appetite remains strong for longer dated euro SSA bonds, encouraging the likes of EFSF and KfW to tap the long-end of the curve this week. But the question is: will the demand last, and for how long?
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Investors are upbeat about the prospects for Italian government bonds, believing that “market forces” will act as buffers to the effects of exuberant populist government policy. The sovereign should be supported at the long end during an auction this week, said some But in the core of the eurozone core, some investors are looking to keep things short.
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The new issue market has been stumbling from short issuance window to short issuance window since the start of June, with the periods of no issuance in between often seeing corporate bond spreads widen. That widening however, has started to create a perception among investors that there is value to be had.
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The European Financial Stability Facility (EFSF) on Tuesday priced a €4bn dual-tranche transaction, tapping into a fairly unusual tenor of 35 years.
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A long dated euro benchmark from Quebec had the strongest scores of the week on BondMarker.
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Unrated German mail order retailer Otto Group found plenty of demand for its debut hybrid bond on Tuesday. Order books were more than twice oversubscribed following a week-long roadshow.
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KfW on Monday priced a tap of its recent 15 year euro bond in line with guidance, doubling the overall deal size to €2bn.
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The corporate bond market started the week slowly with a pair of well rated German corporates selling two year floating rate notes on Monday. Both had just a sole lead manager.
