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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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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.
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Demand was buoyant for auctions of Italian and Spanish paper on Tuesday, after European politicians agreed a conditional deal in the small hours of that morning to ease Greece’s debt burden.
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The Republic of Belarus is set to begin a two day non-deal roadshow in Asia on Tuesday, following a busy week of issuance from CEE sovereigns last week. The issuer is expected to sell a Eurobond in early 2013.
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The Kingdom of Belgium locked in 30 years of funding at an attractive spread to secondaries late last week as it took advantage of German demand for Belgian paper.
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The Republic of Belarus is holding a non-deal roadshow in Asia this week. The country is expected to issue a Eurobond in 2013 in order to refinance maturing debt, but its poor human rights record has led to many banks being forced to distance themselves from the eastern European country.
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Lebanon, Ukraine and Poland shrugged off the Thanksgiving holiday this week that typically marks the start of the end of the year for new issuance to print $3.5bn of bonds. The late rush of emerging market issuance is forcing syndicate bankers to reassess their plans for the final part of the year with investors so willing to continue autumn’s emerging market bond bonanza.