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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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The European Central Bank’s room to manoeuvre is being crushed as more and more voices call for it to embark on full scale quantitative easing by way of the purchase of sovereign bonds. But a senior sovereign funding official for one of the countries most likely to benefit from further spread compression in the eurozone offered a scathing assessment of the disruptions such a programme could cause. -
Spain can afford to cancel one or more of its remaining three bond auctions this year, after a sale of inflation linked debt on Thursday took it to within a few billion euros of its target for the year. Italy’s yields fell to a euro-era low at a sale of 15 year debt, but it was a different story for the sovereign at the shorter end of the curve.
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Egypt's Euroget de Invest failed to price its inaugural Eurobond on Wednesday despite widening price guidance to 12%.
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Anthony Julies will take over as the South African National Treasury’s head of asset and liability management before the end of the year.
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Italy could break its euro era low yield for a 15 year bond auction on Thursday if secondary levels from Wednesday hold, while Spain looks set to wipe around 60bp from its 10 year inflation linked borrowing costs.
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Christmas could be coming early for any sovereign, supranational or agency issuer willing to tap the euro market in the next few weeks, after the European Central Bank’s covered bond buying programme opened up the chance to screw in swap spreads a few basis points further on what has been a year of ever tightening pricing. At least two issuers are expected to hit screens in euros later on Wednesday.
