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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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Italy polished off a bumper round of issuance this week with a yield busting auction on Friday, as a breakthrough in US debt ceiling negotiations boosted conditions for the sale and provided optimism ahead of what is set to be a busy period of issuance for the periphery next week.
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The European Stability Mechanism made a splash this week when it sold its first syndicated deal — a five year where the size of demand beat expectations. The book would have allowed the issuer to take down its entire 2013 funding requirement in one gulp and still have a strongly performing deal, said SSA bankers.
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Korea Gas Corp sold the first benchmark bond in euros from a South Korean company since 2006 on October 8. The €500m ($674.7m) issue is part of a wave of deals from Asian borrowers taking advantage of attractive funding conditions in euros.
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Finnvera is open to more currency arbitrage plays after making a well-received debut in Swedish krona, with sterling one avenue that it is considering.
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Hungarian Development Bank priced its first ever dollar bond this week, printing a well received $750m seven year deal. The transaction offered a 110bp premium over the government curve, and as the Hungarian sovereign is holding off on issuance until next year the deal also offered buyers a valuable slice of sovereign risk.
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The International Finance Corporation announced plans on Wednesday for a $1bn offshore Indian rupee-linked bond programme to help fund its lending in India and attract greater foreign investment to the country. The issuer is hoping to set up a similar programme for issuing rupee-denominated debt on the domestic market in the future.