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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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A conference call this week to clarify the European Stability Mechanism’s role has so far failed to quell fears that the arrival of a new big buyer in European SSA secondary markets could widen an already-yawning gulf between the top tier triple-As and the cheaper credits.
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KfW has broken an 11 month duck for 10 year dollar issuance by European SSAs with a $3bn global that was priced this week. There have only been three 10 year supra/agency bonds this year — one from KfW itself back in January and the others from Freddie Mac and the Province of Ontario in January and June, respectively.
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Italy demonstrated a command of investor confidence on Thursday morning with a strong auction performance that saw issuance near the upper end of the targeted range and at yields considerably through where the same debt had been issued in August.
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Dealers are forecasting a drought of privately placed deals during the remainder of 2012 after well funded SSA issuers recorded their quietest quarter since the first quarter of 2009.
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Conrad Baker has left Deutsche Bank’s MTN team, where he focused on SSA borrowers, to join Nomura as head of SSA syndicate, EuroWeek understands. He will report to syndicate head Nick Dent.