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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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Fitch took the shine off the UK government’s designs to print 100 year bonds on Wednesday by placing the country on negative credit watch. It was the second blow to Chancellor George Osborne’s scheme following a resounding shrug from UK investors — the overwhelming force in the Gilt market — at the prospect of locking in record low yields for even longer than they already have to.
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The European Financial Stability Facility (EFSF) is still expected to come to the market next week despite a lack of clarity surrounding the credit. A five year tranche and a longer tranche of 20, 25 or 30 years are anticipated, together with a bills auction likely to be announced on Friday for execution next Tuesday.
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The Kingdom of Belgium’s new 20 year OLO issued on Wednesday attracted a book in the end of over €6.3bn as 145 yield-hungry investors piled in for paper. The deal crystallises the recent improvement Belgium has seen in its spreads, since it paid a new issue premium of only 5bp to print €4bn. -
The Republic of Italy will scale back its commercial paper issuance, saying that favourable Treasury Bill auctions have dampened its need to find alternative routes for short term funding.
