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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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SSA investors rewarded rarity this week as non-eurozone credits Sweden and the African Development Bank swooped for tightly priced benchmarks. Appetite for Sweden was so intense that it priced its ¤1bn issue at the unheard of level of 55bp through mid-swaps.
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The credit default swaps of Japanese companies jumped on Wednesday, after the country was downgraded by Moody’s. But equity investors largely ignored the rating cut from Aa2 to Aa3, a move that put Moody’s ratings in line with those of the other major agencies.
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While the Swiss National Bank stabilised the soaring franc this week with its third intervention in as many weeks, the central bank’s rate cut on August 3 continued to exacerbate deteriorating bond market conditions. Only two new issues emerged all week, although the one from Queensland Treasury Corp (QTC) was notable for being its first appearance in Switzerland for 30 years.
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International investors’ appetite for a haven from eurozone panic and the Norwegian krone market’s need for alternatives to the country’s dwindling and illiquid government bonds reached a new peak this week. SSA names, financials (see separate story) and autos (see MTNs) all flooded the sector.
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