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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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A new dollar benchmark and returns to sterling and Swiss francs after long absences are in prospect for Instituto de Crédito Oficial as appetite for peripheral credits strengthens despite Italy’s electoral stalemate. The Spanish agency was quick to harness this week’s shift in sentiment with a tightly priced euro offering.
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The Portuguese Treasury and Debt Management Agency (IGCP) plans to continue its campaign towards full market access for the sovereign with a 10 year bond, arguing that anything else would be too conservative. The country will be buoyed in its campaign by Standard & Poor’s revision of its credit outlook to stable from negative on Thursday morning.
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Spain’s five year and 10 year borrowing costs fell to their lowest levels since 2010 at an auction on Thursday morning, confirming that Italy’s political shenanigans are having little effect on the wider peripheral market.
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The Kingdom of Spain hopes to print more benchmarks before the half year mark if market conditions permit, a Spanish treasury official has told SSA Markets. The sovereign expects to raise a volume in the middle of its €105bn-€121bn 2013 target.
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Tanzania’s $500m private placement bounced more than two points after pricing this week, raising investors’ hopes that the deal might replicate the terrific gain seen on a similar trade from Angola last year.
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The Kingdom of Sweden found a surge of demand for its dollar paper this week, printing a chunky privately placed euro medium term note and a triple hit of euro commercial paper as the sovereign showed no signs of slowing down on its way to raising an inflated 2013 funding target.