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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 growing change in the perception of Spain, its agencies and even its regions was reflected in this week’s issuance, with deals from ICO, Madrid and the sovereign itself all successfully sold despite concerns about the government’s inability to hit its deficit target and the general malaise surrounding the country’s economy.
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The euro sector has been a fruitful hunting ground for sovereign, supranational and agency issuers this week at all parts of the curve as investors regained confidence in the Eurozone following the Greek debt swap and the liquidity injected by the European Central Bank through its second long term financing operation.
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The Kingdom of Sweden made one of its rare capital markets appearances on Tuesday with its second ever Swedish krona syndication as it issued a new Skr11bn ($1.6bn) 20 year line in exchange for two shorter dated issues. The issuer’s low funding requirements allowed it to print the new issue in line with its outstanding 30 year, as well as through Germany’s euro curve.
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The issuer and market alike were startled by the level of demand for a three year benchmark from Bank Nederlandse Gemeenten on Wednesday. BNG printed its largest dollar deal, attracting its largest book, in a deal that was printed inside its secondary curve. The deal was so successful that it could re-price the curve for issuers with implicit guarantees.
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The new issue premium, a fixture of Europe’s bond market for the best part of a year, was trampled underfoot this week as deal after deal from corporate and public sector borrowers priced flat to, or even through, issuers’ secondary curves.