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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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Investors flooded into new sovereign, supranational and agency bond issues this week, convinced that the European Central Bank is about to announce a programme of government bond buying. But political risks are mounting across the eurozone, which have the potential to derail the market at a dangerously early stage of the year when so many issuers have so much of their funding programmes left to do. -
Sovereign, supranational and agency issuers were able to raise $10.5bn of bonds in dollars this week, despite volatility in US rates and Treasury yields plunging ever lower.
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A €5.5bn order book helped the Slovak Republic price its new 12 year euro bond in a record 2.5 hours on Tuesday morning. Strong credit fundamentals, which led to a rally across Slovakia’s curve, have enabled the borrower to price at its lowest ever yield for a long dated euro bond.
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Tunisia has picked banks for a 144A/Reg S conventional dollar deal and starts investor meetings on Friday. The lead manager line-up contains some of the same banks that were attached to a debut sukuk the sovereign had intended to launch in 2014. But that transaction — although still planned — has been delayed while Tunisia tweaks its sukuk legislation, said debt bankers.
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Italy hammered in a new point at the far end of its curve on Thursday, as the fallout from the Swiss National Bank’s decision to unpeg the Swiss franc from the euro failed to affect demand or pricing. Elsewhere, Spain broke records at an auction.
