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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 12 month bills on Friday at the lowest yields since the adoption of the euro. Despite the historical lows, the eurozone periphery rally over the last year may have further to go, said analysts. -
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Transport for London (TfL) sold a benchmark 32 year sterling bond last Friday afternoon, pricing the deal inside its secondary curve. The high level of demand for the deal is reflective of TfL’s increased investor work and more visible profile, said bankers involved.
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Bankers predict that the European Financial Stability Facility (EFSF) is preparing to unleash a 10 year benchmark bond next week. The deal will follow the bail-out borrower’s announcement that it will bring forward some of its borrowing to earlier in the year.
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Blow-out dollar deals priced this week by the European Investment Bank and Network Rail demonstrated the rampant appetite for SSA paper from just about every class of investor, despite the tighter swap spreads and lower coupons on offer. More issuers are lining up to take advantage of the conditions, all of them seemingly eyeing five year deals.
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