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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 Tanzania has mandated Standard Bank to arrange a dollar denominated Reg S floating rate private placement note. The mandate has taken rival African DCM bankers by surprise — they have been pitching to the sovereign for several years to arrange the country’s debut public benchmark note.
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The Republic of Croatia has hired Bank of America Merrill Lynch, Deutsche Bank, Goldman Sachs and JP Morgan for an international dollar denominated bond issue.
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The Kingdom of Spain exceeded its maximum target at a bond auction on Thursday morning, following hot on the heels of its return to syndicated dollar issuance on Wednesday. The Iberian sovereign had targeted a maximum of €4bn but placed just over €4.2bn.
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The Republic of Ireland — which is rumoured to be lining up a 10 year euro benchmark for next week —came to auction on Thursday, selling €500m of three month bills. The yield on the debt was at 0.24%, up from 0.2% at the previous auction of the debt on January 17.
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Spain priced on Wednesday its first dollar benchmark since 2009. The deal confirms what some senior SSA bankers have suspected has been the case for a few months —that peripheral Eurozone borrowers have more than adequate market access in dollars despite the ups and downs of the ongoing sovereign debt crisis in Europe and its associated political turmoil — and that the market for dollar issuance by this borrower group is now reopened.
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The Slovak Republic made an impressive start to its 2013 syndication programme on Wednesday afternoon, pricing a €1.75bn 10 year at a level well inside initial price thoughts.