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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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Italy is set to take a hit on its funding costs at an auction of medium to long term bonds on Thursday, as the sovereign has failed to fully recover from a violent jump in yields two weeks ago. If yields rise as analysts expect, it will be the third day in a row that Italian funding costs have risen at auction, following a bill sale on Wednesday and an offering of zero coupon and inflation linked paper on Tuesday. -
Slovenia on Tuesday was able to ratchet in pricing on a long seven year benchmark — which is for pre-funding — by 15bp from the initial price thoughts level to price with a new issue concession of just 4bp.
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The UK Debt Management Office was able to attract its largest order book in an ultra-long syndication during an hour long book build on a tap of the 2068 Gilt — despite the tap coming at a sub-3% coupon and following weeks of volatility in the Gilt market. The deal leaves the UK DMO with one syndication left this financial year.
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Italy could be in for pain at auction this week as the sovereign’s curve has yet to fully recover from a spike in yields caused by a sharp sell-off in peripheral sovereign debt two weeks ago. It printed two year paper on Tuesday at a yield almost double that of a month ago.
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Slovenia has opened books for a long seven year benchmark bond for pre-funding purposes. It is taking the first available window after market participants had digested the results of the European Banking Authority’s comprehensive assessment — which found two Slovenian banks wanting.
