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'Everyone is ready for summer to be over' as SSA wave builds for Monday
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’
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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.
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Italy found demand at the ultra-long part of the curve this week, with its second private placement of the year following rare appearances by other government-linked Italian issuers in the medium term note market over the past few weeks.
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Municipality Finance and Bank Nederlandse Gemeenten raised nearly $3bn of three year money this week, as they sought to get trades done in a short window of issuance between the Labor Day holiday on Monday and US non-farm payrolls — a data release that could have a big impact on dollar demand — on Friday.
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Finnfund sold its debut bond this week and could come back for more in 2014 after finding strong demand for its paper and credit story.
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After a rampant three week period, there are precious few names left in the SSA pipeline. There are a few big deals to look forward to, but with so much uncertainty in markets, perhaps an early finish to the post-summer frenzy is a good thing.
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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.
