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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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The International Finance Facility for Immunisation (IFFIm) used its humanitarian appeal to overcome market volatility on Wednesday, printing its first dollar benchmark since November 2006, and the SSA market’s first socially responsible issue since IFC’s $1bn green bond, which was priced in February.
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Austria’s ÖBB Infrastruktur became the second issuer to attempt a euro benchmark after the FOMC plunged markets into turmoil last week. The deal reached full subscription with help from lead manager orders, but SSA bankers away from the deal claimed that it showed that the market wasn’t ready for a 10 year syndication just yet.
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Germany’s first federal-regional bond, a Bund-Länder-Anleihe (BLA), was priced this week inside the Joint Länder curve, testifying to the value of the 13.5% involvement of the Federal Republic which saved the participating states some 3bp or 4bp versus where they might have borrowed money on their own.
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The UK on Tuesday thumbed its nose at the volatility that has engulfed the global rates markets over the past week when it came with its longest dated bond since 1937. Despite difficult market conditions in the run up to the trade, it was a blow-out. The Dutch State Treasury Agency, meanwhile, got five year bonds away in via a Dutch direct auction on the same day.
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Österreichische Kontrollbank (ÖKB) reopened the Swiss franc new issue market this week, selling seven year debt inside of its curve on Tuesday. The European Investment Bank (EIB) and Swedish Export Credit (SEK) also accessed the market, increasing outstanding bonds. The flurry of deals, which flew in the face of disruptive market volatility towards the end of last week, has left Swiss franc syndicates sanguine on the market’s prospects.
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Syndicate bankers' eyes are turning to Africa where four sovereigns are lining up deals. Nigeria is primed for launch, Ghana is expected in July and Kenya and Senegal have set sizes on their prospective sovereign bonds, bankers said.
