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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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Swiss investors gave in to the temptation of high returns and welcomed European sovereign supranational and agency borrowers back to the market this week after having boycotted their bonds throughout the last quarter of last year. The European Investment Bank and Nederlandse Waterschapsbank both tapped the market offering eye-catching spreads that bore little resemblance to their pricing curves before the eurozone crisis.
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The struggling sovereign, supranational and agency sector made it past the first big challenge of what is likely to be a fraught year with a successful three year debut from the European Financial Stability Fund on Thursday.
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The Inter-American Development Bank (IADB) may have reopened the US dollar market on Wednesday with a resoundingly oversubscribed $2.25bn long five year but it faced inevitable criticism of coming too cheap when the deal tightened by 5bp in the secondary market. Meanwhile, few SSA issuers seem likely to follow the IADB’s lead and only one name is in the pipeline for next week.
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