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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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Euro funding agencies found their sterling commercial paper in heavy demand this week, as a favourable euro/sterling basis swap helped the issuers print £2.7bn by 12pm London time on Thursday — adding to what has already been a record breaking year for public sector borrowers in the currency.
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Norway’s Kommunalbanken is looking to raise its funding efforts in the Kangaroo, sterling and Canadian dollar markets, having already picked up a pile of dollar denominated cash this year.
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The International Finance Corporation this week became the latest issuer to target the far end of the Kangaroo curve, selling 10 year debt on Wednesday. Nederlandse Waterschapsbank (NWB) was also active, dipping into the market on Tuesday with a 10 year tap. Both issuers were looking to take advantage of renewed demand for longer dated paper in the currency, with Asian investors keen to reach further along the yield curve in search of greater returns.
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Apetra, the agency responsible for managing Belgium’s strategic oil reserves, is set to sell its second-ever note in September. While no banks have yet been mandated, the agency is looking at a maturity of up to 12 years.
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The Republic of Uruguay use $788m of the proceeds from Tuesday's $2bn 2024 bond to buy back existing debt, the government's debt management unit said on Wednesday.
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Senior SSA bankers have given up trying to pitch borrowers for deals this summer. Recent trades have convinced issuers and bankers alike that their time will be better spent at the beach this month but that could well lead to problems come the autumn rush, said bankers.