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Analysts discuss the scope of tightening in Bund swap spreads and the impact on SSA spreads
OATs and OLOs could weaken further versus Bunds while southern European countries and EU continue to paint a positive picture
Uncertainty looms large as presidential race far from clear and budget negotiations potentially ‘highly challenging’
Summer in full swing but first two weeks of August not completely off the cards for non-euro deals
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Spain basked in the afterglow of a freshly resolved US political crisis on Thursday morning, attracting bountiful demand and wiping basis points from its funding costs at auction. Other peripheral sovereigns with funding left for the year could also benefit, with the US breakthrough leading to a strong bid for eurozone paper, said analysts.
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Republic of Poland was set to price a tap of a €1bn 1.625% January 2019 bond on Thursday afternoon. The tap, of a bond it originally sold at the start of the year, is expected to be used for pre-funding purposes as the sovereign has already filled its 2013 international funding requirement.
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Sovereign, supranational and agency bond markets started the week strongly, with oversubscribed and tightly priced deals in euros. However, with no resolution yet in sight to the US debt ceiling negotiations, issuers with benchmarks to get away are holding off until next week when they hope there will be less uncertainty.
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Spain sold 12 month debt at its lowest yield since April 2010 on Tuesday in a debt sale that should set it up well to auction longer dated debt later in the week.
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A lack of progress on talks to raise the US borrowing limit could create rocky conditions for a Spanish bond auction later this week, analysts warned on Monday. While many commentators expect US politicians to reach a last minute deal, that may come too late for Spain’s debt sale.
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