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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 Kingdom of Spain shrugged off fears of contagion from the fallout over a rescue package for Cyprus with a record breaking bill auction on Tuesday. But a tougher trial for the eurozone periphery comes on Thursday when the sovereign attempts to sell longer dated debt.
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The Slovak Republic sold its second ever Swiss franc bond on Monday afternoon, a Sfr575m ($608.78m) dual tranche deal. The issuer benefited from Swiss investors’ increased comfort with Central and Eastern European issuers and Swiss bankers are hoping that the success will encourage issuance from new SSAs in the currency.
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Europe’s sovereign, supranational and agency markets balked over a bailout package for troubled eurozone sovereign nation Cyprus on Monday, but market participants were confident that supply would get back on track once the surprise news was digested. This was backed up by Nederlandse Waterschapsbank announcing a dollar mandate on Monday afternoon [see separate story].
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The Slovak Republic was set to price a Sfr575m ($612.31m) Swiss franc bond on Monday afternoon, only its second venture in the currency. The dual tranche deal seemed to suffer no ill effect from uncertainty surrounding the bailout of Cyprus, with eager investors pushing the size well above the minimum target.
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Corporacion de Reservas Estrategicas de Productos Petroliferos (Cores), the agency charged with managing Spain’s strategic oil reserves, has mandated banks to arrange investor meetings ahead of a possible syndicated bond. A deal will add to the recent spate of issuance from similar agencies, such as Austria’s Erdoel-Lagergesellschaft which sold its debut syndicated trade on Monday.