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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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Korea Finance Corporation (KoFC) took to the Swiss market on Thursday, selling five year bonds. While the issuer paid a hefty premium over its outstanding Swiss franc debt it was able to price inside its dollar curve.
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Belgium priced on Tuesday what on paper looked like an impressive syndication of 32 year bonds. But despite acknowledging the syndicate's achievements with the execution, market participants were puzzled by a wave of selling in Belgian 30 year bonds on Monday, before the deal was announced, write Ralph Sinclair and Nathan Collins.
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The World Bank is expected to price two tranches of Kangaroo debt on debt on Friday, with a three year fixed rate tap and a new five year floating rate note. This week also saw issues at the long end from KfW and the African Development Bank, as well as a five year deal from Export Development Canada.
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Romania finished off its 2013 funding needs with a well received €1.5bn Reg S bond on Thursday — drawing €6.4bn of orders for its seven year deal. Some analysts with a positive view on the credit argued it gave its paper away too cheaply, but the issuer and bookrunners said the transaction was a strong success.
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The eurozone periphery’s two heavyweights had contrasting fortunes this week as talk grew of a 50 year privately placed euro medium term note and 30 year benchmark from Spain while Italy — whose 10 year yields rose above its peer’s for the first time in 18 months — suffered a price spike at auction.
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The Republic of Armenia finished investor meetings this week ahead of its debut dollar Eurobond, which Fitch has assigned an expected BB- rating. Neighbouring Georgia will offer the best reference point for pricing, but Armenia may struggle to print tighter than its better rated peer.