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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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Ireland is planning to issue €3bn-€5bn of sovereign annuity bonds for the first time. Fitch flaunted Ireland as something of a sovereign crisis recovery poster child on Wednesday when it praised the country’s "improving financial flexibility" but was at pains to point out it's long-term market access was far from assured.
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Germany, Italy and France started off a busy week of auctions on Monday with €18.87bn worth of short term debt auctions. Investors maintained the eurozone divide between periphery and core, with yields edging up in Italy and down in Germany, and bankers expect this to trend to continue throughout the summer.
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The Republic of Indonesia has sent out request for proposals (RFPs) to banks for a proposed Samurai bond, marking its return to Japan’s debt market for the first time in two years.
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The Slovak Republic got tongues wagging this week over the size of its €500m 20 year private placement — but the sovereign only sold €373m to a small group of investors, with the rest of the paper held back for auction later in the year.
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Sensing an avalanche of pent-up demand that secondary markets could not satisfy, KfW waded into the Eurodollar market on Wednesday with a blowout seven year. The deal was heavily oversubscribed, allowing the size to be increased and the re-offer spread to be tightened by 2bp from initial price thoughts.
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The SSA market was this week clinging to hopes that the European Central Bank still has some weaponry up its sleeve, after failing to pull out a bazooka to combat the eurozone crisis last week.