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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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HSBC has shifted the public sector DCM coverage it had in New York to London. The move affects Kevin Galligan, who was told of the decision last week, it is understood. -
The Islamic Republic of Pakistan is set to tap the offshore debt market for the second time this year and is meeting investors for a dollar sukuk, which could mark the end of the sovereign’s nine year absence from Islamic financing.
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It might not quite rank with his “whatever it takes” speech from 2012 in terms of slashing eurozone periphery sovereign yields, but European Central Bank president Mario Draghi’s claim on Friday that the central bank will do “what we must to raise inflation and inflation expectations as fast as possible” had an instant effect on periphery performance. Italy is first in line to benefit, with a series of sales lined up for next week.
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Read on to find out how much funding European sovereigns have left to do in the final quarter of the year.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data.
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China’s Ministry of Finance’s (MoF) second auction of offshore China government bonds (CGBs) this year priced in line with market predictions on Thursday, with the curve flattening from the previous auction in May on the back of easing expectations, and spreads narrowing versus onshore paper. Particularly notable was the demand for the three and 10 year tranches, resulting in subscription levels of 4.32 times and 3.85 times, respectively.
