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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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Hungarian Development Bank opened books on a 144A dollar deal on Thursday morning, and approached investors with price thoughts for a seven year bond expected to be up to $500m.
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Italy’s 12 month borrowing costs dropped to their lowest level since June at auction on Thursday, as the country enjoyed the after effects of a resolution last week to a long running dispute in its coalition government. The sovereign is set to auction longer dated debt on Friday, but another round of political instability could be brewing.
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New Zealand made strong progress in plans to increase the proportion of its debt issued in index linked format on Wednesday, syndicating a new 17 year bond. The deal grew quickly, leading the issuer to increase the size beyond its initial maximum target.
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Italy and Spain shrugged off suggestions that bringing new syndications this week would be too risky for peripheral sovereigns when they printed deals on Wednesday afternoon that attracted more than €10bn of orders apiece.
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Korea Gas Corp today sold the first benchmark bond in euros from a South Korean company since 2006. The €500m issue is part of a wave of deals from Asian borrowers taking advantage of attractive funding conditions in euros. -
Two peripheral sovereigns mandated in the wake of the European Stability Mechanism’s debut on Tuesday, as market tone in euros remained strong despite the clock ticking on the US debt ceiling negotiations and the government still in shutdown. Italy mandated banks for a debut seven year benchmark while Spain hired for a 30 year syndication.
