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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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Italy raised over €7bn of long-dated debt on Thursday, its first attempt at accessing duration funding since a strong rally over the summer. But a sell-off in peripheral bonds darkened the mood and doesn’t bode well for Spain’s auction next week.
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Catalonia, the Spanish region worth 20% of the country’s economy, asked the central government on Tuesday for financial aid. A bail-out will strain Spain’s coffers further and is likely to deter more investors from wanting to buy its debt, bringing Spain closer to the prospect of an EU bail-out.
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Italy is preparing to face its first test of international demand since the summer’s SSA market rally — an auction of 10 year debt on Thursday. The debt sale follows a T-Bills auction where Italy achieved its lowest yields since March.
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The European Financial Stability Facility has mandated three banks to run a 10 year euro benchmark. The mandate came straight after a 10 year from Republic of Finland flew out of the gates Tuesday morning.
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Spain slashed its borrowing costs in a treasury bills auction on Tuesday, underlining an improvement in sentiment towards periphery credits over the summer. Italy is likely to meet with similar strong demand when it auctions T-Bills later this week, said analysts.
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South Korea’s dollar bonds rose and its credit default swaps narrowed after Moody’s upgraded the sovereign’s debt rating by a notch to Aa3 on Tuesday, citing the country’s strong fiscal position and the government’s lower financing requirement.