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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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Ontario was so overwhelmed by local demand when it went out with a three year global on Monday, that it had to close US books early, ratchet in pricing and print its maximum size. It was the first US dollar deal from the borrower since its financial year began in April, and investors appeared to have missed the credit if the response was anything to go by.
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KfW brought a much anticipated short-dated global benchmark on Tuesday, opting for a long two year deal rather than a more widely expected three year trade. The issuer was forced to strike a balance between its own balance sheet requirements while still trying to offer something sufficiently appetising to investors in terms of yield and spread.
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The government of India is holding talks with bankers about issuing a debut international bond of up to 10 years in order to improve public confidence and establish a benchmark after the local currency hit a record low.
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Hungary’s Export-Import Bank finished a roadshow this week ahead of a €400m bond deal. The transaction comes with a guarantee from the World Bank’s Multilateral Investment Guarantee Agency (MIGA), which has never been used before in the public bond market. But although the novel structure offers safety it could still prove a sticking point with investors.
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Eurozone sovereigns proved to be all but immune to negative headlines this week as, with a little help from US Federal Reserve chairman Ben Bernanke, a series of potentially tricky auctions passed off without incident — and in some cases went better than expected.
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Corporación Andina de Fomento (CAF) sold its second Swiss franc bond of the year on Tuesday, hitting its size cap to sell a Sfr250m seven year issue.