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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 Kingdom of Belgium grabbed the opportunity to issue its long awaited 15 year OLO this week, taking advantage of what proved to be a short window. It appeared at the beginning of the week and firmly closed on Wednesday as concerns about Greece intensified after a clear rift appeared between Germany and the European Central Bank about extending further credit to Greece.
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The continuing strength of offshore demand and the fact that public borrowers face one of the biggest ever redemptions in June has pumped up SSA momentum in Australian dollars in the last month. The latest borrowers to take advantage of these positive market conditions were KfW and the Province of Ontario, which both brought Kangaroo deals this week.
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The EIB continued its run of Nordic currency-denominated supply with a tap of its 2017 Norwegian krone bond this week. Bankers said that the deal provided evidence of growing interest in high grade paper in currencies from the region.
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The Republic of Iceland’s successful return to the international capital markets with a $1bn five year transaction, the country’s first bond issue since 2006, confounded the sceptics who had predicted any such deal would fail to find traction in a market beset with concerns about European sovereigns.