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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 International Capital Market Association’s move to introduce more certainty to sovereign restructurings with proposed documentation deserves nothing but praise.
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From being all but frozen out of the capital markets a little over two years ago, eurozone periphery sovereigns could soon be in the position to dictate terms and push investors on duration, said bankers this week, following Portugal’s return to the 15 year part of the curve for the first time since the collapse of Lehman Brothers and Spain’s longest ever print. New measures from the European Central Bank that sent yields tumbling could put the sovereigns in an even stronger position, although that might not extend to Greece, which is planning a seven year bond for later this year. -
The European Securities and Markets Authority said outstanding EU sovereign debt reached a new record high in the first quarter this year, hitting €11.5tr, or 88% of EU GDP. In the eurozone, the total was €9.1tr or 93.9% of GDP (against the 60% required under the Maastricht treaty), according to the regulator’s Trends and Vulnerabilities report.
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Indonesia proved it had come of age as a sukuk issuer this week. The issuer built its largest orderbook ever for an Islamic deal and beat its yield target as a result. But more important was the tenor. The sovereign enticed a host of accounts — new and old — into what was its largest and longest dated sukuk yet.
