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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 issued its longest deal in nearly three years on Tuesday, raising €500m shortly before the European Commission decided to let the sovereign exit a budget restriction programme imposed in 2009.
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Montenegro has mandated bookrunners for a bond deal and plans to price the transaction in June, said bankers close to the deal. Despite the country’s weak fundamentals, a small deal in a medium tenor should have no trouble attracting investors, said analysts.
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The Ghanaian sovereign has 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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Italy set a euro-era record at auction for the fourth time in just over a month on Tuesday when it sold zero coupon bonds, as investors reacted warmly to political and macroeconomic news from the country. The strong sentiment may support further auctions later this week, according to analysts.
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Peripheral European sovereign borrowers could be set to defy the volatility that shook dollar markets this week with new issuance in the currency, writes Craig McGlashan.
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SSA syndicate bankers are expecting either a seven year benchmark from the European Financial Stability Facility (EFSF) next week, or a deal at the far end of the curve, after they made their recommendations to the borrower this week. Meanwhile, France’s Unédic showcased the heightened appeal of seven year debt this week, targeting German bank treasuries.