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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 positive sentiment that has driven the SSA market so far this year in core currencies has finally reached Australia. KfW priced a A$500m no-grow Kangaroo tap of its 2018s on the back of normalising sovereign supranational and agency spreads. Meanwhile, Bank Nederlandse Gemeenten (BNG) issued a reverse enquiry-driven A$100m 5.625% five year EMTN.
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The Republic of Austria is set to roadshow in Switzerland with Deutsche Bank and Raiffeisen Schweiz on March 6 for a potential Swiss franc transaction after a three year absence from the market. -
The Kingdom of Spain beat away early criticism of its deal on Wednesday with a bold re-entry into the syndicated market. Spain has effectively been barred from the syndicated market since March 2011 when it issued a 15 year bond as international investors cut exposure to peripheral European sovereigns. But with the bulk of this deal heading overseas, Spain can rightfully claim an about face in investor perceptions of its credit.
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The United Kingdom Debt Management Office (DMO) has mandated four banks to lead manage a re-opening of its 0.375% index-linked 2062 Gilt. Thursday’s announcement came on the same day that the Bank of England opted to keep rates on hold and purchase a further £50bn of Gilts.
