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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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State-owned Korea Resources Corp sold a $500m five year deal at 150bp over Treasuries, though a crowded market prevented the borrower from achieving an even tighter spread.
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Belgium printed on Wednesday its first floating rate note in OLO format since February 2011. The deal was a response to demand for investors and banks looking for paper that offers protection against potentially increasing rates.
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Italy rode on much-needed momentum in its political scene and expectations of an official interest rate cut to auction two year zero coupon debt at an all time low on Wednesday. The sovereign can look forward to a sale of longer dated debt early next week with even greater optimism, after the nomination of a new prime minister shortly after the auction. -
Belgium responded to bank demand for floating rate paper on Wednesday by announcing a five year FRN. The sovereign, which will price the deal later on Wednesday afternoon, was approached by banks which have been looking to print such a deal for some time.
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A raft of positive news for the eurozone periphery helped Spain auction short term debt at record low yields on Tuesday and set Italy up nicely for debt sales later in the week.
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Italy is toying with introducing a cap on its future Italian inflation linked bonds, after the sovereign sold a €17bn deal this week.
