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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 International Finance Corporation (IFC) priced the largest trade issued by a sovereign, supranational or agency borrower in Australian dollars this year on Wednesday with a A$1.5bn two-tranche five year deal. It demonstrated the borrower’s taste for latching on to safe-haven niche markets after its Nkr1bn debut in that currency last Tuesday.
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Only ratification of the European Financial Stability Facility’s (EFSF) new powers and size will calm volatile eurozone debt markets, particularly Italian bonds, SSA bankers argued this week after the sovereign’s successful near Eu8bn auction on Thursday only halted the sell-off briefly.
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Scale and liquidity despite a challenging environment: that was how one banker described the Australian dollar bond sector this week with International Finance Corp issuing a record breaking note (see separate story), Rentenbank pricing a sizeable A$500m tap and JP Morgan keeping the FIG sector alive with a dual tranche increase.
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Critics this week panned the exchange offer announced by European leaders as part of Greece’s new bail-out. They dismissed the 90% take-up rate factored in as overly optimistic, and anticipated haircuts much higher than the planned 21%.
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A rare wave of optimism built across markets on Thursday as European leaders at last assembled a bail-out package for Greece, driving a rally in peripheral debt.