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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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Europe might have stepped back from the brink for the second time in as many weeks, after Greek prime minister George Papandreou abandoned his plan to hold a referendum on his country’s eurozone membership, but Europe’s rescue fund remains locked out of the long term international bond markets.
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The management of the EFSF faces an unenviable task, trying to sell a deal for a credit that is barely recognisable from when it was first conceived — and is likely to change a lot more. But somehow they must find a way to communicate the strategy with more clarity than the region’s fractious politicians.
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The European Financial Stability Facility (EFSF) emerged from Wednesday night’s European summit in the sort of shape that could see it come with a market re-opening €3bn 15 year deal — intended to provide financing to Ireland — as early as next week.
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The agreement at Wednesday’s eurozone summit to extend the haircut on Greek bonds may have been well telegraphed and already priced in, but the details of the scheme are expected to take the rest of the year to work out.