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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 latest triple-A debuts in Norwegian kroner this week — from the Inter-American Development Bank and Oesterreichische Kontrollbank (OeKB) — have highlighted the Nordic market’s increasingly key role for sovereign, supranational and agency borrowers. Safe haven status, consistent retail and institutional demand, funding costs 10bp inside core markets and limited government supply are attracting a flood of SSA names into the currency.
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The European Investment Bank ended a six month absence from the Swiss franc market with a nimble 12 year note this week. The supranational quickly took advantage of a 12bp basis swap move in euro and US dollar based borrowers’ favour, issuing Sfr160m of 1.625% debt.
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The Republic of Poland took advantage of strong dollar demand and a relatively stable market environment in the wake of the European Union’s delivery of its Grand Plan to price a $2bn 10 year bond, slicing the price from initial guidance of 290bp-300bp to 280bp and the new issue premium from 20bp-30bp to 10bp.
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Global debt and equity markets were almost paralysed by the heightened anxiety ahead of this week’s crucial EU summit. But that did not deter the UK, which took full advantage of its position of being on the outside of Europe looking in to issue a £4.5bn 50 year index-linked bond, the largest ever sale of duration in the Gilt market.
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The dollar market was wide open for business from sovereign, supranational and agency issuers this week while its euro counterpart remained paralysed by politicians’ bungling attempts to solve the eurozone crisis.