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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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Armenia priced its debut Eurobond late last week from a book of $2.7bn and at a price that bankers away from the deal said offered investors good value. But despite a solid first day's trading on Friday, the bond slumped below re-offer in the secondary market on Monday.
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Apetra, the agency responsible for managing Belgium’s strategic oil reserves, made its second ever appearance in the capital markets on Tuesday. The agency saw very strong demand for the 10 year bonds, printing paper at the tight end of guidance from a book that was more than three times subscribed.
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The World Bank sold its debut floating rate Kangaroo bond on Friday, with strong investor demand allowing the deal to become the largest floater in the format from an SSA issuer. The World Bank also tapped three year fixed rate bonds on the same day.
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Korea Gas has mandated banks for its first euro-denominated bond, to take advantage of after-swap levels that have become more competitive than US dollars, according to bankers.
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SSA market participants are expecting a busy week ahead for dollar issuance, following the Federal Reserve’s shock decision on Wednesday not to begin tapering its asset purchasing programme. While most issuers are focused on dollar deals with a five year maturity or shorter, there are also opportunities for longer dated euro deals.
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Spain became the first member of the eurozone periphery to benefit from a US Federal Reserve-induced rally in risk appetite on Thursday, as the sovereign auctioned three year debt at its lowest yield in nearly four years and found healthy demand for a 15 year tap.