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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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“Thank goodness for the Dutch Direct Auction,” are words not often heard from the mouths’ of SSA bankers. But this week in the absence of any issuance and a pipeline seemingly devoid of deals, SSA market participants welcomed the Dutch State Treasury Agency’s deal, due to be launched tomorrow. -
The Dutch will lead sovereign supply next week with a 20 year bond — its first in the tenor. The deal will place the issuer alongside the European Union in being one of the first sovereigns, supranationals or agencies to sell a 20 year benchmark. Austria and Germany will also auction taps.
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Erste Abwicklungsanstalt was the sole agency to take advantage of liquidity from the European Central Bank’s three year long term refinancing operation this week, plumping for a three year maturity to print its second benchmark.
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The success of the Greek bail-out was dumped in the lap of the Greek Private Sector Initiative on Thursday when the Eurozone finance ministers decided to withhold €71.5bn of Greece’s €130bn bail-out package dependent upon its outcome. Yet that outcome is unclear with the result still a week away.
