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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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Bankers and issuers this week slammed the Norwegian government’s handling of its decision to close down Eksportfinans, a move that provoked a seven notch downgrade by Moody’s and sent Nordic agency spreads soaring.
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Senior bankers feel a shutting down of sovereign, supranational and agency bond markets could be the least of Europe’s problems in the new year if the dire situation in government bond markets continues. European government yields widened against German Bunds all week despite European Central Bank intervention, which is beginning to look ever more ineffectual in its current format.
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The idea of a common bond to finance all of the eurozone sovereigns has been talked of in the vaguest terms for some time but little detail has been forthcoming. Natixis is one bank that has put together a scheme which could act as a blueprint for common bond issuance to finance sovereign debt in the eurozone.
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Merging all eurozone governments’ national debts into one Eurobond might solve the funding problems of struggling peripheral states. But there are two big objections to the idea. For the wealthy nations, giving up their own tightly priced debt issuance to fund through a vehicle shared with Italy and Spain might be too painful a sacrifice to bear.