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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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Swiss franc syndicate bankers will be hoping that August is an improvement on July, which saw international issuance of less than Sfr700m, a hefty decline compared to more than Sfr3bn in July 2012.
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Mexico is expected to sell its first Samurai bond in just over a year on Tuesday, with its lead managers this week offering guidance on three and five year bonds. A proposed seven year bond has been rejected because of insufficient investor interest, but six and 10 year bonds remain a possibility to supplement the main two tranches, said bankers.
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The City State of Berlin tapped the euro market twice this week, selling seven year fixed rate notes on Monday before printing a six year floater the following day. While the first deal sold well, the second was hampered by growing risk appetite among German investors.
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The UK’s Debt Management Office (DMO) on Tuesday priced a £4bn increase of its 0.125% March 2044 inflation-linked Gilt. It was the first time that the DMO has syndicated a slug of inflation-linked debt since November 2012 when it tapped the same issue.
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A Swedish krona denominated Climate Awareness Bond last week from the EIB underlined the growing demand for socially responsible investment (SRI) bonds. But the investor that bought it says the issuers need to meet investors’ pricing needs if SSA issuers want to exploit this market’s full potential.
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The European Financial Stability Facility (EFSF) priced a heavily oversubscribed five year on Wednesday to leave only €4bn left to raise this quarter and to leave the five year point clear for sister borrower, the European Stabilisation Mechanism’s (ESM), inaugural deal, which is expected to come this autumn.