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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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Italy navigated a potentially difficult auction on Thursday by placing its maximum target of €5bn of five year and 10 year bonds. Yields rose more than 40bp compared to the previous sales of the tenors a month ago and hit their highest level since March, but were still lower than expected, according to analysts.
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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.
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Bahrain is still hoping to price a conventional dollar deal after mandating BNP Paribas, Citi, Gulf International and JP Morgan. But while it is a good candidate to restart emerging market supply than some, it is likely to be very price-sensitive and its outstanding bonds sold off badly during the recent volatility, said bankers away from the leads.
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Bank Nederlandse Gemeenten (BNG) may lead a small handful of issuers looking to print deals before investors pack their buckets and spades and head to the beach for the summer. The Dutch agency joins its compatriot Nederlandse Waterschapsbank (NWB) among the names that may well access public markets before August.
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City of Prague ended a decade’s absence from the international bond market on Wednesday. It drew double the demand is needed for a €200m 10 year bond, and the reception should give names from the region some confidence, said bankers. -
Germany’s Bund-Laender-Anleihe was set to reopen the euro new issue market for public sector borrowers in style on Wednesday, opening books on its inaugural deal after gathering more than €2bn of indications of interest. It is the first SSA benchmark issue since the Federal Reserve spooked the markets last week by indicating it might cease quantitative easing by 2014.
