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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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Deutsche Finanzagentur printed €4bn of two year bonds through an auction at negative yields on Wednesday. Yields were up 1bp from the last auction of the tenor but the bid to cover ratio also rose. -
A pair of eurozone periphery sovereigns suffered rising yields at short end auctions on Wednesday, as the region’s bonds sold off for a second straight day in secondaries.
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The International Monetary Fund (IMF) estimates that Ukraine needs to find an additional $15bn to avoid financial collapse. News of this funding deficit has sent shockwaves through the market, but analysts are confident that Ukraine will have funding options and that it is too early to fear default.
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Greece’s yield curve inverted on Tuesday, and its comeback five year bond reached its highest yield since it was priced back in April. All of this seems to have been because the country’s prime minister called a snap presidential election. But it is hard to fathom why this should suddenly concern investors holding Greek debt that matures in 2016 and beyond, considering the election was going to happen in a couple of months anyway.
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Greece’s yields went spiralling into orbit on Tuesday ahead of an auction of the country’s short term debt on Wednesday, with the yield on its five year comeback syndication from earlier this year reaching its highest level yet.
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UK investors and Gilt Edged Market Makers met with the sovereign’s Debt Management Office on Monday to discuss Gilt issuance for the next quarter. Gilt buyers and GEMMS recommended the DMO’s final syndication of the year be a long-dated one.
