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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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Medium term note dealers had two reasons to celebrate this week as one sovereign issuer showed it was keen to increase its flexibility while another launched a new programme.
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French, Spanish and Irish yields rose sharply at auctions on Thursday, after the US Federal Reserve unveiled plans for an exit from its quantitative easing programme.
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Nigeria met investors in Europe this week ahead of a potential bond deal and will visit US buyers from Monday. Its solid fiscal position and low debt ratios should ensure a second successful deal for the sovereign, said analysts.
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Market participants who had been tempted to think that the priorities of the chairman of the US Federal Reserve should extend no further than their own interests got a rough wake-up call on Wednesday. Ben Bernanke not only reiterated his suggestion of May 22 that the country might consider a gradual reduction of its asset purchase programme, but also predicted a possible ending of QE altogether as early as the first half of 2014.
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KfW took advantage of a clear issuance window on Tuesday to bring a long-awaited euro benchmark, shrugging off uncertainty in the run up to the Federal Open Market Committee’s meeting on Wednesday over how fast rates will rise.
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The Finanzagentur this week mandated banks to sell a landmark new issue: Germany’s first joint federal-regional bond (Bund-Länder-Anheile). But without an overall sovereign guarantee, the deal will have to offer a decent pick-up over Bunds to attract international buyers, said SSA market participants.