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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 auctioned term debt on Thursday, the day after it sold bills at the highest levels since March. Despite heightened yields, the auction went better than expected, said analysts, and the sovereign’s funding programme for the rest of the year will be well supported by redemptions.
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Lead managers on Slovakia’s upcoming Samurai trade have cut the number of tranches from three to two, with the expected 10 year piece being the victim. The remaining two tranches, with three and five year maturities, are scheduled to be priced next Tuesday.
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Luxembourg looks set to defy consensus and bring a new bond issue next week. Other SSA borrowers are understandably reluctant to do so, with uncertainty set to grip the market at least until Wednesday’s Federal Open Market Committee meeting.
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Goldman Sachs and Standard Chartered were able to steer investors into another African Development Bank dollar bond on Thursday after they were forced to withdraw a tap of the borrower’s 0.875% March 2018 global on Tuesday. The leads pulled the increase because the price of the outstanding paper meant that a tap would have fallen foul of US tax laws.
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Asfinag braved one of the most volatile days of the year to price a €750m 2.75% 20 year transaction on Tuesday, opting to go ahead with the trade to avoid having to raise its €2bn borrowing requirement in one hit after the summer.
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French agency Cades braved a volatile euro market on Tuesday to print a tricky 10 year bond. The deal drew acclaim from bankers as it followed what had been a tricky but also successful execution of an EIB EARN in the same maturity the previous week.