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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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Latvia has hired Citi, JP Morgan and Société Générale to arrange a series of non-deal related investor meetings for the country that are taking place next week. Lead managers say that the country is re-engaging with European investors with a view to printing a euro denominated deal later in the year.
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Investor hesitance in the face of a rates sell-off that took up the whole of May and shows no sign of abating has resulted in dwindling enthusiasm for SSA new issues as the EIB and Belgium have found out so far this week.
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Belgium has launched a five year dollar Eurobond designed to exploit an arbitrage opportunity thrown up by a move in the euro/dollar basis swap. The deal will be priced later on Monday although the deal remains some way short of fully sold.
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The European Financial Stability Facility switched its plans from issuing at the long-end of the curve to a four year deal amid volatile market conditions this week.
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The Ghanaian sovereign has set its sights on a new Eurobond and plans to bring a deal of up to $1bn in July. Debt bankers and analysts are confident that investor appetite can support a successful deal. But investors are increasingly aware of the country’s budget deficit — and its one outstanding bond has suffered in the secondary market.
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The International Finance Corp sold its first Kangaroo bond of the year on Wednesday, seizing on an attractive basis swap in the five year portion of the curve to sell a A$400m ($385.8m) bond. The States of Victoria and Western Australia also sold Australian dollar debt on Wednesday.