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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) took advantage of the crescendo of fear around the European debt crisis on Tuesday to make a well received debut for the year in the Norwegian krone market. The international participation in the deal showed the extent to which investors are looking for safe havens.
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Financial institutions will have four options to exchange their old Greek government bonds as part of the private sector involvement initiative agreed with the EU. The Institute of International Finance (IIF), which is making the offer, expects private bondholders to contribute €135bn to the financing of Greece from mid-2011 to the end of 2020 through the scheme.
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The European Financial Stability Facility (EFSF) will be recalibrated as the saviour of European government debt markets if the sweeping new measures contained in the draft proposal from Thursday’s summit of eurozone heads of council are ratified by the 17 euro area member states.
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KfW’s A$550m tap of its 6.25% 2021s priced on Thursday marked the first time a Kangaroo bond was sold exclusively to offshore investors this year. Lead interest from non-Australian buyers allowed KfW to price one of the larger taps in recent months, despite deteriorating market sentiment ahead of the EU leaders’ summit on Thursday.
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The dollar SSA market was closed for much of the week until Fannie Mae issued a $5bn three year bond on Thursday but opinion was divided as to whether the absence of issuance was caused by volatility or because most issuers are well advanced on their borrowing programmes.