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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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Spanish 10 year yields fell by the largest month on month amount at auction since September 2012 and the sovereign wiped nearly 50bp from its 30 year borrowing costs on Thursday morning. There was further joy for periphery sovereigns later in the day, with yields falling after a European Central Bank meeting — boding well for a planned Greek seven year bond later in the year.
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Whether it is because investors have full faith in the eurozone periphery recovery story, are desperate for yield or a bit of both, there was little doubt this week that sovereigns in the region will be able to extend their average maturities in the coming months.
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The Republic of Indonesia launched a $1.5bn 10 year sukuk on Tuesday afternoon, enjoying a smooth bookbuild that left the deal fully subscribed early on in execution. Pricing was fair from the outset, said investors, who were rewarded with a 20bp premium over where the issuer’s conventional dollar bonds were trading. -
Finland priced an oversubscribed five year dollar global on Wednesday, printing at the tight end of initial price thoughts and at the upper end of its size target. The Inter-American Development Bank, meanwhile, sold a $3.25bn two year inside initial price thoughts.
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Portugal breezed through its longest dated syndication in more than six years — and its first euro benchmark since leaving its Troika bailout programme in May — building a book close to €9bn for an October 2030 bond in under two hours on Wednesday morning
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Spain showed the rewards of being creative with its longest ever bond of the euro era on Monday, chopping €1bn from its funding needs with a deal that will mature when the eurozone debt crisis is a matter for history books, not newspapers. With more dovish measures possibly on the horizon at this week’s European Central Bank meeting, issuers could soon find that such deals are the best way to add some duration to their debt profiles.
