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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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Sweden priced a dollar bond with the tightest reoffer spread to Treasuries in almost a decade on Monday. The deal has quashed SSA bankers’ fears that dollar investors haven’t the stomach for the eye-wateringly tight reoffer spreads versus Treasuries at which supranational issuers are looking to fund towards the end of the year.
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The United Kingdom’s Debt Management Office (DMO) brought a 32 year benchmark trade on Wednesday morning which one syndicate banker involved described as being “textbook.” Books remained open for a little over an hour, but the book still managed to reach more than twice the level required for full subscription.
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Sweden’s December 2015 dollar bond, set to be priced later on Monday afternoon will provide a test of how much investor appetite there is for well-rated credits at low spreads to US Treasuries and just how much secondary performance such bonds can offer.
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Italy provided the glamour at the end of a bumper week for the Eurozone periphery as it sold the largest bond of all time and attracted a heavy dose of international demand.
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The Republic of Ireland this week took its outstanding euro commercial paper to its highest level of the year. In the past month, several investors have returned to buying Irish debt after a long absence, dealers said.
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Slovenia attracted a whopping $11bn plus of orders to its first dollar benchmark in 16 years on Friday. The deal was a stunning result for the sovereign which has been subject to months of speculation that it could require a EU bailout to deal with its troubled banking sector. Demand was so intense for the 10 year note that the deal came at least 30bp through initial price thoughts and even through Slovenia’s euro curve.