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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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The EFSF exploited investors’ hunger for new issuance on Wednesday to lop a €5.9bn slice off its remaining funding task for the year. Bankers away from the trade pointed to a seemingly gratuitous order book and a hefty new issue premium to suggest the borrower had overpaid for the size. But the issuer was universally acknowledged to have redeemed itself after a difficult 10 year trade in August.
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A rare breeze of positive sentiment blew through the eurozone this week as Moody’s affirmed Spain’s ratings and its bond yields tumbled. Coupled with a return to form for the European Financial Stability Facility (EFSF) on Tuesday, an encouraging Spanish auction and a blow-out covered bond for Bankinter, the backdrop to a European Council summit that began on Thursday was as warm as it has been for months.
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Swedish municipal funding agency Kommuninvest arrived at its destination of a debut 144A/Reg S deal in some style on Wednesday after a journey of a year and a half. The move is a critical part of the borrower’s aspiration to become a frequent SSA issuer as it grapples with an increased funding task in years to come.
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