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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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Bahrain built an impressive $7.75bn orderbook for its new 10 year bond, allowing it to double its originally targeted deal size and ratchet in guidance. Syndicate officials off the bond questioned the high starting spread, but the bookrunners said the result was ample proof that their strategy had been a resounding success. -
Ghana has released price guidance of 8.125% area for a 10 year bond. One analyst labelled the level as generous compared to where Nigeria trades, but lead managers say it equates to a new issue premium of zero to 49bp, depending on the estimate of fair value for the outstanding $750m 8.5% 2017s.
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Bahrain brought a new 10 year dollar bond to market on Wednesday morning, surprising syndicate bankers away from the deal with a new issue premium they said was unheard of for an investment grade credit.
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Mexico is expected to sell its first Samurai bond in just over a year on Tuesday, with leads offering guidance on three and five year bonds. While a proposed seven year bond has been rejected because of insufficient investor interest, leads say that six and 10 year bonds remain a possibility to supplement the main two tranches.
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The European Financial Stability Facility (EFSF) led the euro new issue market on Wednesday by opening books on a five year mandate. Early indications were of a wave of investor interest, which could make it the second scramble of the week for SSA paper after Japan Bank for International Co-operation (JBIC) priced a dual tranche deal on Tuesday.
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Mexico is expected to sell its first Samurai bonds in just over a year next Tuesday, with the sovereign planning to sell three and five year notes. The stability of the yen market in comparison to other benchmark currencies in recent weeks made this summer a particularly attractive time for the issuer to sell Samurai notes.
