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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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L-Bank, the development bank of Baden-Württemberg, took advantage of investor hunger for the perceived safety of German issuers on Wednesday morning to print a €1bn five year at what the issuer says is the best pricing to swaps it has ever achieved for a euro benchmark of this tenor.
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The United Kingdom Debt Management Office this week removed the 50 year maturity cap on Gilts in the 2013-2014 fiscal year and said it will look to launch deals with maturities between 50 and 60 years. But it coincided with a pension fund liabilities announcement that analysts have suggested may harm demand for Gilts at the long end of the curve.
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The Kingdom of Spain failed to hit its maximum target at an auction on Wednesday, although it raised 10 year money at lower yields than a month ago. The auction followed an admission from the country’s treasury minister that it may not hit its deficit target for 2012.
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The United Kingdom Debt Management Office announced on Wednesday that it has decided to remove the 50 year maturity cap on Gilts, and that in the next fiscal year it will likely look to sell debt maturing in 50 to 60 years.
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Greece unveiled on Monday a modified Dutch auction which will exchange up to €10bn of EFSF bills for outstanding Greek debt, in an action which analysts predict should achieve strong take-up in the market. But some questioned the extent to which a buyback could help Greece’s debt position while its economy is still contracting.
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Mongolia made an explosive debut in the international bond market this week, raising $1.5bn from a deal that was the biggest Asian sovereign debut in more than a decade. But more eye-catching for bankers was the deal’s size relative to the country’s economy — it was equivalent to 15% of Mongolia’s projected GDP for this year, and was greater than its entire foreign exchange reserves.