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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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Already consigned to an international bail-out after the government collapsed on Wednesday, Portugal now faces the further humiliation of having to seek bridge financing to tide it over until rescue funds eventually arrive, analysts warned on Thursday night.
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Spain’s Electricity Deficit Amortisation Fund (Fade) this week underlined the success of the country’s sovereign credits in distancing themselves from the eurozone debt crisis. Despite launching on the day the Portuguese prime minister quit, making a bail-out a near certainty (see separate story) and sending Irish and Greek spreads wider, the agency’s Eu2bn 10 year achieved a heavy oversubscription.
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The Development Bank of the Philippines raised $300m at the end of last week, after scrapping a plan to sell global peso bonds and turning to the more reliable dollar bond market instead. But some bankers continue to think there is hope for the global peso structure.
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Korean policy banks have a reputation for pricing inside, or flat to, their own secondary curves. Industrial Bank of Korea was no exception to that this week, when it sold a $500m deal that was priced inside its own curve.
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The Republic of the Philippines raised $1.5bn at the start of the week, finding an open slot in its heavy maturity profile and jumping into the market after investors’ concerns over Japan started to wane.