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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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The African Development Bank (AfDB) is working on its first international "green bond" sale, following the lead of fellow supranational the International Finance Corp. AfDB has already reached Japanese retail investors with the product but demand has encouraged it to consider an internationally marketed issue.
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The Republic of Slovenia revived its dual tranche dollar deal on Thursday morning, having been forced to postpone the bond following a downgrade on Tuesday. While the action from Moody’s led to a two day delay on the trade, investors were undeterred with the final order book on the trade swelling past the largest size it had reached on Tuesday. Leads were even able to tighten guidance on the longer tranche from where initial price thoughts had been offered on Tuesday.
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Slovenia saw its plans to issue five and 10 year dollar debt frustrated on Tuesday by a two notch downgrade from Moody’s. The deal was progressing strongly, according to lead managers, but the issuer was forced to postpone the trade in response to the downgrade. The issuer intends to return to the market, but is being hampered by an unfavourable calendar this week.
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The Republic of Slovenia is expected to delay a dual tranche Reg S/144A issue, announced on Tuesday morning, in response to an impending ratings action, according to a syndicate banker at one of the leads. The sovereign suffered heightened yields in its bonds earlier this month on concerns over the health of its banking sector.
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Italy scored its lowest cost of medium to long term funding since October 2010 at an auction on Monday, as the country’s political deadlock finally looked set to break following new prime minister Enrico Letta’s appointment of a cabinet over the weekend.
