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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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Market participants are praying for calm waters next week as several issuers are poised to take advantage of the wealth of cash available for top rated SSA product in the short window ahead of the Greek elections on June 17.
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Corporación Andina de Fomento (CAF) returned to the Swiss franc market on Wednesday to capitalise on follow-on demand for its successful Sfr175m ($181.7m) new three year FRN — priced on Thursday last week — with a Sfr60m increase.
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A targeted inflation-linked bond from Caisse d’Amortissement de la Dette Sociale (Cades) gave the SSA market reason to cheer on Wednesday, as a tap of its 1.5% 2024 linker resulted in a €1.5bn print, three times the minimum size.
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As Eurozone politicians scrambled this week to find a resolution of Spain’s banking crisis and the Spanish government attempted to secure assistance without triggering an official bailout, the European Financial Stabilisation Facility ventured out to request proposals for its next bond issue.
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Peripheral sovereign yields tightened aggressively on Thursday afternoon as comments from Angela Merkel that Germany would back the use of existing euro-area instruments to help stabilise markets added to the relief rally after Spain successfully sold 10 year debt at auction this morning. Heightened expectations of an intervention by an institution such as the EFSF to aid Spain’s beleaguered banking system added to the positive sentiment.
