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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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Finland has hired five banks to run a five year syndication, making it the first borrower to tackle a new euro benchmark in the belly of the curve since the summer break. KfW, meanwhile, priced an oversubscribed 10 year on Tuesday afternoon while Rentenbank got a short dated print away.
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The European Financial Stability Facility (EFSF) is set to join a growing pipeline of SSA issuers looking to enter the public bond markets in the next fortnight. The deal may well be the trade to re-open the benchmark market in euros.
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Sweden priced a $3bn three year dollar benchmark on Thursday afternoon, to follow the Inter-American Development Bank, which re-opened post-summer benchmark activity on Tuesday. However, despite the popularity of Sweden’s trade, SSA dealers were sceptical of whether there would be enough liquidity to absorb heavy dollar supply next week.
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The International Finance Corporation (IFC) returned to the sterling market after a two year absence on Tuesday, opting to court central bank demand with a long two year deal. Sterling syndicate officials are hoping that other issuers will follow the IFC’s lead and take advantage of an improved basis swap into dollars.
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The Nordic Investment Bank (NIB) and the International Finance Corporation (IFC) will complete a busy week for non-core dollar issuance, with both expected to price deals on Friday. NIB is set to sell a long 10 year Kangaroo bond, while IFC has opted to tap five year Kauri debt.