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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 Republic of Slovenia failed to tempt investors with short dated paper this week, as its bill auction struggled for demand amid speculation that the country may have to call on international support if it cannot sort out problems in its banking system.
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Europe’s bail-out fund, the European Financial Stability Facility, crowned a storming week of sovereign, supranational and agency issuance with not just its biggest ever syndication, €8bn, but the largest bond for a supranational or agency borrower on record.
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The Republics of Austria and Finland tested the 10 year maturity in euros this week with varying results. The sharp rally of late last week and early this week, which helped Finland’s launch on Tuesday, came to a sudden halt as Austria priced its deal on Wednesday.
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Investor focus on five year dollar deals resulted in another blow-out for the European Investment Bank this week, a $6.5bn book justifying a $5bn transaction. It was the EIB’s third consecutive $5bn benchmark of the year.
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Two European agencies are among those lining up deals in dollars following a week of mixed success in the currency for the sector.
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The Bank of Japan’s announcement last week that it would step up its quantitative easing programme got the Kangaroo market off to a strong start this week, with Rentenbank taking advantage of Japanese demand for high yielding paper.