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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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UBS’s decision on Tuesday to close its public SSA DCM business as part of a series of cutbacks within its fixed income franchise has rocked capital markets. But the shock departure of the top four dealer from the SSA market could force banks and issuers to resolve their long standing differences that threaten to drive the market to the point of deep dysfunction.
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Poland is expected to raise more than ¥50bn ($627.09m) when it prices a Samurai bond on Friday (November 2), a larger amount than initially expected after two extensions in the bookbuilding process to take full advantage of investor appetite.
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The havoc wrought by super-storm Sandy on the Eastern seaboard of the US caused the International Finance Corporation (IFC) to postpone its plans to issue a dollar deal this week — and also delayed the plans of other issuers thought to be eyeing the market for early November prints.
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Issuers and dealers were quick to take advantage of opportunities provided by moves in cross currency basis swaps this week, allowing them to get euro commercial paper deals done despite the super tight levels at which many issuers want to fund.
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Poland’s upcoming Samurai bond is expected to top ¥50bn ($627.09m) in size while the bookbuild process has been extended for a second time in order to capitalise on strong demand from investors. The deal is proving so popular that a second tranche of the deal in a different maturity is now a distinct possibility.
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Romania priced a seven year bond on Wednesday, capitalising on a strong euro curve to price what is expected to be its last bond of the year. The deal was more than three times oversubscribed with a £4.7bn book. Meanwhile Serbia and Latvia have mandated banks for deals.