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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 clutch of European SSA names proved this week that the prospect of yet another do-or-die summit of EU leaders is no obstacle to issuing long dated debt. The European Union, Austria and Finland all took the opportunity to lock in ultra-low yields for big transactions on Tuesday, with Finland even wrapping up its longest ever bond.
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Eurofima issued its third Kangaroo transaction of the year on Thursday — a A$100m ($100.64m) tap of its 5.625% 2016s. Lead managers Deutsche Bank and TD Securities priced this semi-private placement note based on reverse enquiry and did not disclose any pricing or investor breakdown details.
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The Asian Development Bank (ADB) stormed into the Kangaroo market this week, pricing this year’s largest trade in the sector — a jumbo A$1.1bn ($1.1bn) dual trancher that saw an astounding increase from an initial size of A$300m.
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Investor appetite this week switched from the typical flight to quality trade of the Washington supranationals and more towards cheaper credits, with the buyside showing a willingness to take a degree of headline risk to get some pick-up in spread and yield.
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Italy auctioned just under €5.5bn of five and 10 year debt on Thursday, attracting strong demand but at heightened borrowing costs as policymakers gathered for an EU summit. Most SSA bankers have very low expectations for anything constructive to emerge from the meetings.