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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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Bankers this week appealed for SSA issuers to reconsider their unwillingness to pre-fund in serious size for 2013. The call came as a new row blew up over the latest disbursement of Greek funds and France was downgraded by Moody’s — which forced the European Financial Stability Facility (EFSF) to shelve a deal.
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The clock is ticking for Australian bank funding officials, who now have fewer than six weeks before any new bonds must comply with stricter Basel rules. National Australia Bank beat the clock this week with a A$950m ($984m) deal, but its peers are mostly well-funded and tired of being told to take advantage of a closing window.
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The Republic of the Philippines bought back $1.5bn of its international bonds at the end of last week, completing the biggest tender offer in Asia this year.
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Kommunalbanken returned to the Kangaroo market after an absence of several months on Wednesday, tapping 10 year notes in what is expected to be its last Australian dollar issuance of the year. While the deal did not sell out in the primary market, the residual had been fully sold by Thursday afternoon, London time.
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The Republic of Poland priced a €750m tap of its €1.75bn 3.375% July 2024 bond on Monday afternoon, after books hit €1.1bn in a bookbuild lasting less than 90 minutes. The deal was buoyed by interest from new investors, particularly those in France, according to one of the leads.
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Nordic Investment Bank priced its second five year dollar benchmark of the year on Tuesday afternoon. But although the trade achieved the issuer’s tightest ever spread to Treasuries, it failed to reach full subscription.