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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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Italian SSAs drew a mixed bag this week, as one sub-sovereign outlined plans for a long dated deal, while the Italian government’s borrowing costs rose in a series of auctions except a sale of 10 year debt — which only the vagaries of the repo market kept in check.
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Syndicating a reopening of a 55 year bond in a month where sterling was shaken by volatility could have been tough for the UK Debt Management Office this week. But it passed the test with flying colours, attracting its largest book ever on an ultra-long syndication and breaking the 3% yield bogey for the first time.
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Slovenia this week became the latest sovereign to be tempted into pre-funding by the low yields on offer, following deals from Lithuania and Romania last week. The issuer priced a long seven year bond that marks the lowest coupon on any of its outstanding medium to long term euro benchmarks.
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Italy had the strongest auction result of the week in its third bond sale in as many days on Thursday. The yield on its 10 year paper fell just 1bp month on month, despite its benchmark 10 year yield being higher than a month ago. Technical factors in the repo market may have been behind the drop in yields, said analysts. -
The Socialist Republic of Vietnam is back in the bond market after a four year break and hopes investors will agree to swap out of a costlier deal issued in 2005.
