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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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Auctions will be the main source of euro issuance from sovereigns, supranationals and agencies for the rest of the year, after the European Stability Mechanism this week opted against sounding banks for a syndication during its last deal window next week. But the market was strong for issuers that did come this week, with a pair of deals priced at the tight end of initial price thoughts.
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Spain breezed past its 2014 funding target for the year at an auction on Thursday and at levels close to its lows for the year. Meanwhile, Ireland held its first bill auction with a tenor longer than three months since 2010. -
The Australian state of New South Wales priced a landmark debut offshore renminbi bond late in the evening Sydney time on November 19, riding the momentum from this week's establishment of an Australian RMB hub to shave 10bp off initial guidance and hit its target size and funding cost.
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Finland returned to the sterling bond market on Wednesday with its first new deal in over a year. It came hot on the heels of Instituto de Crédito Oficial, which on Tuesday sold its first new issue in the currency in five years.
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Spain could wrap up its funding target for the year at an auction of three and five year debt on Thursday, but while the yield is likely to fall on the shorter bond the longer dated paper’s yield is set to rise. Meanwhile, Cassa Depositi e Prestiti looked set to pass its first syndication test since May after setting pricing on a January 2018 bond at the tight end of initial price thoughts on Wednesday.
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Bankers expect the next auction of offshore RMB bonds in Hong Kong by China's Ministry of Finance (MoF) to come on Thursday, with analysts predicting a bumper response, particularly in the short dated tranches. Earlier this month the MoF said that the Rmb12bn ($1.9bn) sale, its second auction of the year, would come in the week of November 17.
