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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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Supranational and agency borrowers flooded back into the Norwegian krone market this week with taps and a rare new issue after a week’s hiatus. The European Investment Bank and the World Bank increased their mid-term outstandings while Rentenbank issued its first new Norwegian krone line in over a year.
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The United Kingdom Debt Management Office assembled an £8.5bn order book this week to print its lowest ever long-dated conventional coupon as international investors flocked to the safety of the long end of the Gilt curve.
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It's the SSA market’s elephant in the room. The still unratified expansion of the European Financial Stability Facility (EFSF) to €440bn and then proposed super-sizing to €2tr could reshape sovereign, supranational and agency borrowing, bankers said this week. The sector’s spreads and the ratings of EFSF’s sovereign guarantors head aspects at risk as a result.
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Spain’s Fondo de Amortización del Déficit Eléctrico surprised public sector bond markets this week by issuing a €1.5bn two year transaction, the first deal for a peripheral eurozone credit since July. This could prompt Instituto de Crédito Oficial to issue a bond in the near future, if it accepts the new pricing level for Spanish agencies, said bankers.