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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 Dutch State Treasury Agency has announced it will tap its 2.25% July 2022 issue for its forthcoming Dutch Direct Auction (DDA), marking a return to more familiar territory for the DSTA following essays into the 20 year bracket, as well as its dollar debut, this year. The deal is scheduled for Tuesday, June 26 at 9am BST. -
Turkey has mandated three banks for a tap of its $1bn 6% January 2041 issue. Deutsche Bank, Goldman Sachs and Morgan Stanley will lead the reopening, which is expected to price on Tuesday.
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Spain faced elevated funding costs in a pair of auctions held on Tuesday morning, and pressure intensified in the market for policymakers to intervene to calm nerves.
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Spanish bond yields soared past 7% on Monday morning, following a brief rally as it emerged that New Democracy, a pro-European Union party, won the largest number of votes in Greece’s elections, boosting the likelihood of a pro-bailout coalition being formed.
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China’s Ministry of Finance is planning to sell a Rmb1bn 15 year tranche as part of its Rmb23bn ($3.6bn) offshore renminbi bond offering at the end of the month, the first time it has issued in the maturity. That could lead to a boost in longer-dated issuance, said bankers and investors.
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Italy received impressive demand in a BTP auction on Thursday morning, selling €4.5bn of bonds, which was the upper limit of a €2.75bn-€4.5bn expected auction. However, the issuer paid over 6% in yield terms for the longer dated debt on a day when Spanish 10 year yields traded at levels dangerously close to 7%.
