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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 United Kingdom’s Debt Management Office printed its first syndicated trade of 2013 on Tuesday, a tap of a 31 year Gilt. The deal reached subscription quickly and achieved a healthy oversubscription over the course of the hour long bookbuild. The borrower will round out its syndicated funding year with an index linked bond in February.
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The Agence France Trésor (AFT), which is responsible for the issuance of French sovereign debt, is rumoured to be about to appoint the country’s executive director at the World Bank as its CEO following the current head Philippe Mills’s appointment to run a new French local government financing body.
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Network Rail is looking at the possibility of issuing a linker, while Axa has suggested that a new breed of linkers should be introduced that would appeal to pension funds. The developments follow the UK government’s decision to leave RPI unchanged earlier in January which means that index linked bonds in sterling are free from the shadow of uncertainty.
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Kingdom of Sweden confirmed expectations of a barnstorming deal on Friday, pricing €4bn of five year paper at the nosebleed inducing spread of mid-swaps less 20bp. Deep sub-Libor pricing didn’t deter investors, however: the deal raked in €6bn of orders.
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The Autonomous Community of Madrid’s decision to complete all its 2013 funding in one fell swoop on Wednesday may have left it paying over the odds, bankers warned on Thursday. They said that, with the rally in the eurozone periphery showing no signs of abating, a more staggered approach to funding could have saved the issuer precious basis points.
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The EFSF will mandate banks today (Friday) for a new euro deal to be launched next week. Sweden will price a five year euro deal on Friday afternoon to kick off its increased funding programme as Swedish public financiers argue about the deal.