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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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Trade & Development Bank of Mongolia will finish a non-deal roadshow on Friday that could lead to only the second ever international bond deal from Mongolia. There has been ongoing speculation about a sovereign global bond issue, but that has yet to emerge.
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Frantic demand from yield hungry asset managers and insurance companies drove Slovakia to almost double the 15 year bond it had been eyeing for a couple of weeks and still achieve pricing inside Spain and flat to Italy. After more stable peripheral eurozone credit spreads finally enabled the issue’s launch, the order book swelled to almost Eu4.3bn.
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In an effort to offset yields that are down to all-time lows, central banks and official institutions piled into sovereign, supranational and agency dollar debt this week. Caisse d’Amortissement de la Dette Sociale (Cades) and L-Bank harnessed the strength of this demand to each issue $1.5bn three year Eurodollar bonds, while bankers expect further European agencies — potentially including KfW— to surface after Monday’s Columbus Day holiday.
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Ireland, struggling for buyers of its bonds in the international market and this week knocked by negative rating actions, could find a ready-made investor base closer to home: the country’s pension funds. Any new source of demand, even a marginal one, could have a big effect on spreads, said sovereign debt bankers.
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