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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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Market participants barely batted their eyelids on the news this week that the Republic of Italy could increase its 2013 funding target to pay off private creditors, writes Tessa Wilkie. And with the Kingdom of Spain powering through its maximum target at an auction on Thursday, SSA bankers were optimistic that, for the moment, the turmoil surrounding Cyprus is an isolated issue.
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The UK’s Debt Management Office (DMO) said on Wednesday it will cut its planned syndication volumes for financial year 2013-2014 by more than half as compared to the previous fiscal year. The reduced syndication volume reflects the issuer’s desire to be more targeted in its use of syndicated trades.
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The European Financial Stability Facility surprised market participants this week when it plumped for a debt issue while Cyprus was scrambling to negotiate a bail-out. The issuer took a conservative approach, however, opting for a minimum €500m tap of a short-dated bond.
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The Kingdom of Sweden’s successful $1bn swoop on the dollar market on Thursday, with a three year at the tightest mid-swaps print of the year, confirms the safe haven bid is alive and well in the face of uncertainty surrounding the Cyprus bail-out.
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Germany reiterated its commitment this week to Europe-wide deficit reduction, price stability and structural adjustment as the triple dose of medicine that will cure the European sovereign crisis.