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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 Italy passed the first test of its new political environment on Wednesday, placing its maximum target of €6.5bn at an auction that included the launch of a new 10 year line.
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The UK Debt Management Office reopened its 0.25% 2052 index linked Gilts to the tune of £3.75bn on Tuesday. Despite Moody’s downgrading the UK late last week and Europe’s debt markets being engulfed in volatility on Tuesday following the disappointing results to Italy’s government elections (see separate story), the DMO book build was a bun fight and the tap was priced flat to secondaries
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The Republic of Italy’s borrowing costs shot up at a bills auction on Tuesday as it became clear that Italy’s government elections would produce an inconclusive result, which caused peripheral government bond markets to spin wider. A bigger test of demand, however, will be on Wednesday when Italy will auction five and 10 year bonds.
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Volatility reigned supreme on Monday as projections based on early voting results from the Republic of Italy’s general election played havoc with Italian bond yields.
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The UK Debt Management Office should sail through its final syndication of the year on Tuesday despite Moody’s cutting the sovereign’s rating late last week, said SSA bankers and analysts. The Gilt market on Monday barely registered the downgrade.