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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’
Summer in full swing but first two weeks of August not completely off the cards for non-euro deals
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This week brought an air of stability to the secondary SSA market after the dramatic moves at the end of last month following the European Central Bank’s announcement of SSA quantitative easing on January 22. -
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Greece’s olive branches to its creditors failed to impress sovereign DCM and syndicate bankers and investors this week as its bonds were routed once again. But the fortunes of the Hellenic Republic — the first eurozone country to seek a bail-out — were in stark contrast to those of the first country to leave one as Ireland sold a triumphant debut 30 year benchmark.
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Sweden passed a potentially tricky test on Thursday by bringing the first five year euro syndication since euro yields plunged after the European Central Bank announced that it would launch SSA quantitative easing. Thursday’s deal was made doubly hard by the fact that Sweden will not be among the issuers bought by the ECB — but the trade was still more than doubly subscribed.
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Spain took full advantage of the quantitative easing driven flattening of the euro curve at auction on Thursday, as it pushed its 15 year and 30 year borrowing costs below 2% and 3% for the first time since the creation of the euro. But there were signs of ebbing demand, as the sovereign failed to hit even the midpoint of its volume target.
