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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 Kingdom of Belgium has taken advantage of the plethora of investors looking to put cash to work in a bullish post-Greek PSI environment by issuing a 20 year syndicated OLO on Wednesday. The prospect of a 4% yield attracted a deluge of orders of more than €5.5bn. -
The UK Debt Management Office (DMO) will commence consultations with Gilt-Edged Market Makers (GEMMs) and other market participants after UK Chancellor, George Osborne mooted the idea of a 100 year Gilt with a view to taking advantage of the historically low yields currently available. Early reaction from the buy-side though suggested there was not as much in it for investors as for the UK Treasury.
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It was off to the races on Tuesday for SSA issuers in the euro market today with Belgium, KfW, Instituto de Crédito Oficial and Erste Abwicklungsanstalt all pitching into a market glowing with positive sentiment following the conclusion of the Greek debt swap.
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The Kingdom of Sweden sold its second ever Swedish krona syndication today — a Skr11bn ($1.6bn) 20 year debt exchange. The issuer’s low funding requirements allowed it to print the 20 year in line with — rather than on top of — its outstanding 30 year, as well as through Germany’s curve.
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The Greek situation is out of the way – for now – and the markets have moved on to minefields new. Slow growth throughout Europe and worries about rising oil prices are capping improvement in market sentiment and directing investors’ cash into the safe haven of Bunds, yields on which dropped to a two-month low on Monday.
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Luxembourg was able to ratchet in the pricing on it first benchmark in almost two years on Monday. The rare sovereign sold a €1bn 10 year deal which was over twice subscribed despite the tightening.
