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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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Sweden broke the trend among European sovereigns for longer dated euro issuance this year, by mandating banks for a trade in the belly of the curve on Wednesday. The deal should provide a test case for euro deals at the shorter end since euro curves flattened after the European Central Bank announced it would buy sovereign debt up to 30 years, said SSA bankers. -
Greek debt yields contended with more ups and downs this week than Odysseus did during his adventures through Ancient Greece. But it has been plain sailing for other eurozone sovereigns, with a strong bid at the far end of the curve supporting maturity extension plays.
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Investors shrugged off concerns about contagion to other eurozone countries from Greece’s stand-off with its creditors on Tuesday, as they flooded into Ireland’s first ever 30 year syndication. Greek yields also screamed lower during the day after its finance minister hinted that the country’s new government might not pursue a debt write-down, while fellow bail-out recipient Cyprus returned to bill auctions.
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Eurozone sovereign issuers lined up to take advantage of the quantitative easing driven flattening of the euro curve on Monday, as one country the periphery mandated banks for a 30 year benchmark and another set most of its target range for an auction later this week at the long end of the curve.
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The Republic of Italy has nipped in with a couple of long dated privately placed deals that took advantage of the curve flattening in the euro market since the European Central Bank announced a programme of SSA bond buying just over a week ago.
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Intended or not, the European Central Bank’s plan to buy SSA paper in secondary markets once again made market watchers sea sick this week.
