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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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Holland’s first foray in the dollar market with a five year bond has been a successful if expensive operation, with books building to over $5bn by the New York open producing an issue size of $3.275bn compared to the targeted $2bn. -
The Netherlands will launch its first ever dollar transaction on Thursday. The long-awaited $2bn five year will be sold by the Dutch State Treasury Agency (DSTA) via Dutch Direct Auction. Although the trade taps into the current vogue for ultra-safe euro names and five year dollar issuance, the deal will be the first time US investors will have had to engage with the DDA issuance method.
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The Republic of Austria sold a €250m clip of 364 day commercial paper on Monday. Austria has been keen to issue in longer durations and so has only been posting CP levels in the one year maturity, dealers reported.
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The hunger for high quality SSA paper away from the eurozone has driven a monstrous rally in Monday’s yesterday’s €1.5bn three year trade from the Kingdom of Sweden. The deal, which was priced at 28bp over the OBL 156, which equated to a record 54bp through mid-swaps, has already tightened by 20bp over the German benchmark.
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Monday’s relative calm following the Greek vote on austerity measures in the market was barely disturbed by Moody’s which subsequently put the triple A ratings of the UK, France and Austria on negative outlook and downgraded six others.
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The Kingdom of Sweden powered into the market on Monday morning with a €1.5bn three year transaction and KfW is expected tomorrow with a five year benchmark. The deals are taking advantage of a positive bias in the market following the vote on Greek austerity measures at the weekend.
