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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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It may be August, with its accompanying lethargy and investor absence, but it’s about time that public sector borrowers put their collective shoulder to the wheel and did a few deals. The European and American buyside is on holiday, but issuers should be hopping to catch the opportunities being offered in the Kangaroo market.
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Supranational and agency borrowers dozing in the summer sun may miss a golden opportunity to lock in cheap duration funding if they ignore the Kangaroo market. The return of Japanese investors coupled with a bumper month for redemptions — the biggest since June 2011 — will add up to a surplus of cash looking for a home. But few issuers seem keen to take advantage, writes Nathan Collins.
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Investors ignored volatile political backgrounds in Italy and Spain this week, helping the issuers reduce their funding costs at auction. But Italy could be in for a tricky second-half to the year if the country’s fragile coalition government fails to survive the jailing of one of its member’s leaders, said analysts.
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Mexico intends to follow upon its recent triple-tranche Samurai bond with further appearances in the yen market and will attempt to take advantage of Japanese hunger for yield by further extending its curve in the currency.
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A bevy of supranational and agency issuers are open to reverse enquiry prints to keep their funding ticking over ahead of the re-opening of benchmark markets — expected in the last week of August. Short-dated dollar floaters were popular this week and several SSA bankers expect to see small, opportunistic taps and new issues as investor demand for the instrument remains strong.