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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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Slovenia sold more than double its maximum target at a bill auction on Wednesday, responding in fine fashion to a poor turnout at a short term debt sale earlier in the month. But wariness persisted over the sovereign’s cost of funding as speculation that it may have to accept a bailout refused to die down.
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Italy has attracted more than €17bn of orders to a new four year inflation linked bond in two days — just half the time in which the issuer took to raise €18.017bn of a similar instrument in October.
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Denmark became the second Nordic borrower to launch a three year Reg S/144A dollar deal this week when on Tuesday it mandated four banks for a new benchmark. The trade follows a successful outing for Sweden’s Kommuninvest in the format (see separate story).
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Italy and Spain broke issuance records early this week, providing a solid start to a busy period of peripheral eurozone issuance despite a backdrop of worsening growth forecasts and the possibility of higher borrowing needs. -
CorporaciÓn de Reservas Estratégicas de Productos Petroliferos (Cores) — the Spanish strategic oil fund — sold its first bond in five years on Thursday morning to a vibrant reception. The deal was more than twice subscribed as investors jumped to pick up the high yielding paper.
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FMS Wertmanagement reopened its debut Canadian dollar bond on Wednesday morning, capitalising on leftover demand for the paper. The original line, sold on April 5, proved a hit among investors in light of a dearth of floating rate issuance from high grade borrowers.
