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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 reception to OeBB Infrastruktur’s €1bn 20 year transaction launched on Wednesday proved beyond doubt there is a deep and willing market for the right name at the right price.
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Sweden’s print of a $2.25bn three year dollar bond on Thursday at an impressive 19bp through mid-swaps and 11.95bp over Treasuries highlighted the extraordinary demand for non-euro area SSA issuers in the dollar market as investors seek safe havens away from the headline risks in Southern Europe.
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Domestic names dominated the Swiss franc debt market this week as the threat to Eurozone austerity from France and Greece’s electoral shifts, plus Standard & Poor’s downgrade of Spain to BBB+, drove investors’ risk aversion to a new peak.
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The Slovak Republic began its first attempt at a dollar benchmark on Thursday morning, announcing a 10 year 144a/RegS benchmark that could be priced before the end of the day. -
The Kingdom of Sweden’s three year dollar bond, launched Thursday morning, was a riot according to market participants. The book for the trade swelled to over $3bn in a couple of hours and it was able to price at a meagre 11.95bp over US Treasuries — a signal if ever there was one that investors are keen to get any incremental spread they can for top quality issuers in the prevailing flight to quality.
