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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 rampant secondary market and the prospect of QE to come drove sterling issuance this week. Bank Nederlandse Gemeenten (BNG) became the latest in a string of SSA borrowers to take advantage of the strong bid for sterling assets, issuing a £250m December 2018 fixed rate bond on Thursday.
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Spanish bond yields leapt up on Thursday after a difficult auction of short to medium term debt. The surge in yields underlines growing concerns that without further action the sovereign will face a downgrade to junk status.
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Two chunky redemptions from the International Finance Corp (IFC) and the European Investment Bank (EIB) might bring the pair back into the Kauri market soon. However, while the IFC is likely to be well bid by the market’s conservative investor base, the EIB may struggle to refinance its deal at an acceptable price.
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The European Investment Bank took advantage of strong demand for triple-A rated names offering yield in dollars to launch a five year global bond on Thursday.
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Russian Agricultural Bank (RAB) made a successful reappearance in the Swiss franc market this week after a four year absence, crowning a golden fortnight for Russian names. It raised Sfr350m ($357.7m) from a three year bond on Tuesday, after increasing the size from Sfr150m the day before.