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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 European Financial Stability Facility (EFSF) may have tapped one of its outstanding issues for the last time when it issued a further €1bn of its 3.375% 2037s on Wednesday. The bail-out borrower is looking to issue one more benchmark as soon as next week (see separate story) but Cyprus’s request for a bail-out could hamper the potential liquidity of the borrower’s outstanding deals.
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The Dutch Direct Auction method of selling bonds may continue to frustrate syndicate managers and attract criticism for overbidding by primary dealers. But the more than twice oversubscription enjoyed by the Dutch State Treasury Agency’s latest outing on Tuesday with a long five year allowed the DSTA to print €6bn and price at the tight end of guidance.
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Ireland made a comeback to auction funding on Thursday with an auction of bills that marked its first sale of debt since September 2010.
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The Dutch State Treasury Agency printed a €6bn auction that was more than twice oversubscribed on Tuesday, enabling the issuer to print at the tight end of initial guidance.