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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 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 of which most SSA bankers have rock bottom expectations. -
Issuing long dated debt is not an obvious strategy two days before the next summit of EU leaders but the European Union, Austria and Finland proved there was ample demand from investors seeking duration to get sizeable transactions away despite the extreme volatility, producing issuance of €5.8bn.
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Kazakhstan Temir Zholy (KTZ), the Kazakh state owned railway operator, and the Bulgarian sovereign will conclude roadshows at the end of this week, although lead managers are being tight-lipped about any potential issuance to follow their conclusion on Friday and Thursday, respectively.
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Bahrain has exceeded expectations for the size of its new benchmark bond and has tightened guidance ahead of the sale. The kingdom’s finance ministry is poised to issue a $1.5bn conventional 10 year dollar deal — up from the rumoured $1.25bn — with arrangers giving final guidance of 437.5bp-450bp over mid-swaps, tighter than the previously indicated 462.5bp.
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The European Union received an impressive response to a long 15 year note on Tuesday morning. The borrower attracted orders north of €3.2bn within 90 minutes of opening books, while several other top quality issuers also soaked up demand.
