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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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It’s one thing when the eurozone rescues 6% of its GDP, but quite another when it starts propping up a further 12%. As Nicholas Spiro write, when Spain starts to flirt with insolvency, all sorts of nasty things can happen.
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Italy’s sale of BTPs on Thursday will shift the focus of the sovereign debt crisis back on to the country at least temporarily. The auctions come in a week when peripheral bonds have continued to suffer despite the announcement of a bail-out package for Spain’s banking sector and shortly before Greek elections this weekend. -
The Republic of Italy sold its longest CP clip in a year on Monday. The deal – only Italy’s third trade in the currency this year – comes at a time when the sovereign is focusing on long-dated CP.
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Poland pounced on a brief bond market rally on Monday after more than two months of market-watching to print its lowest coupon on a 10 year euro bond since 2006. After the market reacted positively — if only for a short time — to news of Spain’s bank bail-out, the CEE sovereign stole in to attract an impressive amount of orders for a tightly priced benchmark.
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The Republic of Poland has just priced a new €1.5bn long 10 year euro-denominated bond at 195bp over swaps, placing the first sovereign bond from the CEE region in euros since Lithuania’s €400m note in April. The book for the deal was €4bn.
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Europe’s €100bn scheme for a bail-out of Spanish banks buoyed market sentiment for Monday’s open, but senior bankers are already questioning whether the detail of the scheme will reveal a flawed plan to stave off a full Spanish sovereign rescue package.
