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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 became the first supranational to achieve sub-Libor funding for a five year bond since 2008 when it issued a $2bn global on Monday. The deal highlighted the strong demand for SSA product at the short end of the dollar curve.
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Portugal’s long-anticipated move to seek external financial assistance removed some uncertainty from the market but has created more questions than it answered. The size and timing of the package are unknown — as is the question of whether the caretaker government has the authority to negotiate any such package.
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Caisse d’Amortissement Dette Sociale (Cades) harnessed the Swiss franc market’s strong demand for SSA paper with a Sfr200m deal on Thursday. Despite unfavourable basis swaps that have mostly kept top rated names out of the currency, the 12 year followed the French agency’s Sfr150m 14 year note in February.
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Spanish credits were at the forefront of otherwise scarce SSA issuance in euros this week as Instituto de Crédito Oficial (Ico) issued its second five year benchmark of the year on Tuesday and Generalitat Catalunya printed a syndicated two year deal. Next week offers similarly meagre prospects.
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