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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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Canada and KfW are said to be looking at the dollar market for next week after the World Bank’s $5bn five year global bond proved to be as good as bankers had predicted. A reoffer spread to US Treasuries of 19bp was by far the tightest spread achieved this year both on a Treasury basis and versus mid-swaps and the deal has continued to perform in secondary markets. -
Spain’s auction of three to five year bonds on Thursday has promoted a feeling of well-being towards the periphery, not least because the sovereign is now 25% done on its 2012 funding target. However, the auction results themselves were far from a clear cut success. Meanwhile, terms are set to emerge next week on the Greek sovereign debt restructuring.
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An auction of three and six month T-bills by Portugal on Wednesday silenced the doom mongers who had predicted that Portugal no longer had any access to public markets after its debt was downgraded to junk and its yields soared into default territory.
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The Republic of Finland easily surpassed the €3bn target set for its new 15 year syndicated government bond on Tuesday. The deal was scheduled to price at the tight end of guidance as SSA Markets went to press.
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US money market funds could be forced to buy more sovereign, supranational and agency paper as a result of new Securities and Exchange Commission regulations, commercial paper dealers said on Monday. The moves are likely to further boost short-end liquidity for SSAs in the immediate future, but the long-term consequences of any regulation could devastate money markets.
