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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 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. SSA Markets spoke to PSI insiders about the progress being made with the PSI and what is on offer. -
Italy and Ireland’s National Treasury Management Agency (NTMA) sold commercial paper as investors scrambled for yield in anticipation of decreasing interest rates following the second LTRO.
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German and French investors are pushing into longer maturities in an attempt to meet yield targets. Buyers are expressing interest in MTNs with maturities of over 15 years and some are beginning to lower yield targets as they adjust to ever tighter rates.
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The Republic of Italy slashed its 10 year funding costs by nearly 60bp compared with a month ago in a BTP auction on Tuesday. The auctions, which take Italy over half way to funding its February to April maturities, add weight to the — at times unimaginable — hope that the beleaguered sovereign will cover its funding target for the year.
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Sterling investors rebelled this week after a pair of supranational and agency borrowers sought to extend from the December 2014 maturity that has been much in fashion in the UK currency this year.
