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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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Controversy erupted in sovereign bond markets on Thursday as the Dutch sovereign priced its inaugural dollar trade. Despite achieving the issuer’s two main objectives — to save money compared to its domestic funding costs and to expand its international investor base — a swathe of SSA bankers said the deal was far too cheap and had been executed the wrong way.
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Austria issued its first euro denominated private placements since 2007, according to Dealogic. The pair of long dated notes are also the issuer’s first MTNs for 2012. -
Investor confidence has come back for Ireland – at least in the short term. The National Treasury Management Agency (NTMA) returned to the commercial paper market with €500m of new issuance, following on from a tightening in Ireland’s CDS spreads and a relatively positive crisis recovery story.
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The Republic of Latvia reaped the rewards of its austerity measures over the last two years, printing a $1bn five year bond with ease to wrap up its Eurobond funding target for the year in one hit on Tuesday. The note was Latvia’s largest ever deal.
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Continued wrangling between Greek and other Euro area politicians on the second bail-out failed to materially disturb bond markets on Thursday, certainly if the auctions by Spain and France are anything to go by.
