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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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The autumn rush of SSA issuance appears to be over almost as soon as it began. But that may be no bad thing, given the premiums issuers are being asked to pay. After a manic three weeks, which have seen almost $37bn of new benchmark bonds priced by 14 borrowers, only a handful of names remain in the pipeline, writes Ralph Sinclair.
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The Republic of Korea this week priced a US dollar-denominated sovereign bond at its lowest coupon ever, allowing the country to save on dollar-borrowing costs despite rising rates — and even tempting government officials to consider becoming a more frequent issuer.
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The five year point provided two Asian SSA borrowers with a chance to bring benchmark dollar deals this week. The Japan Finance Organisation for Municipalities (JFM) priced its debut 144A deal on Thursday afternoon, while the Asian Development Bank (ADB) offered investors an attractive premium with its trade on Wednesday.
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Dexia Crédit Local will rack up the air miles this month as it takes its fledgling government-guaranteed platform on a global roadshow.
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Swedish Export Credit Corporation is eyeing up the possibilities of selling another global dollar issue this autumn, according to a funding official. Meanwhile, the issuer is also set to begin investor meetings next week ahead of a rare tier two issue having dipped into the sterling market this week.
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A pair of issuers got tightly priced deals away in sterling this week. Network Rail sold a rare 10 year at a level that leads claimed was inside its curve, while Transport for London sold a £350m 20 year, to be used for pre-funding, at its tightest spread to Gilts since it returned to benchmark issuance last year.