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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 timing of any Spanish bail-out was clouded further on Thursday as news surfaced that the eurozone was considering helping the country by providing insurance to investors who buy its government bonds. Meanwhile, a Bonos auction showed that investor confidence in either the Spanish economy or the likelihood of an ECB backstop bid was growing.
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The Kingdom of Sweden sold its first euro commercial paper in five months on Wednesday but despite a higher euro/dollar basis swap the sovereign stuck to dollar issuance.
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The Portuguese Treasury and Debt Management Agency (IGCP) returned to the capital markets on Wednesday morning for the first time since 2011 with a €3.75bn of bond exchange. But although the exchange may have eased the country’s 2013 funding burden, the country is far from doing away with EU/IMF support.
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Republic of Poland was set to price a €1.75bn 12 year note at the tight end of guidance as SSA Markets went to press. The deal was heavily oversubscribed and comes just a day after the Czech Republic tapped its September 2022s for €750m at a level well inside initial price thoughts.
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The European Stability Mechanism, which is set for launch later this month, could hurt the money market investor base by reducing the already meagre yields on offer in the short term debt markets, CP dealers have warned.
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Yields on Spanish debt dropped slightly Monday morning in response to the results of Oliver Wyman’s audit of Spanish banks’ capital shortfalls on Friday night. The audit showed Spanish banks have extra capital needs of €59.3bn — a level in line with expectations.