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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 Ivory Coast is expected to soon reveal a plan to deal with arrears of around $85m on its $2.3bn 2032 bond that it accumulated when it defaulted on coupon payments after the disputed presidential election in the country in November 2010.
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The Republic of Italy provided some positive news ahead of a busy week for periphery eurozone countries, as its third BTP Italia bond attracted more interest in a few hours on Monday than the previous issue did over four days.
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The UK’s debt management office has mandated four banks to run its penultimate bond syndication of the year, which is slated for the week of October 22. The deal is expected to fly out of the gates and print flat to the UK’s curve.
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Just three names populate the deal pipeline in the dollar market among sovereign, supranational and agency new issue markets. Senior SSA bankers are eagerly awaiting mandates from Rentenbank, the International Finance Corporation (IFC) and the African Development Bank (AfDB) but timing on each of those deals is unclear.
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The Commonwealth of Australia priced its first fixed coupon syndicated deal of the year on Wednesday morning, a A$3.26bn 3.25% April 2029 bond. Demand for Australian debt this year has driven down yields, allowing the country to extend its curve.
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Senior SSA bankers expect the European Financial Stability Facility (EFSF) to mandate a five year euro benchmark as early as Friday morning for launch and pricing during the following week. Despite S&P downgrading Spain on Thursday, new issue markets remain open and the European Union could follow the EFSF with a deal of its own in fairly short order.