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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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Bank Nederlandse Gemeenten is next in line on the euro benchmark conveyor belt, having mandated banks on Wednesday afternoon for a deal. Finland hit the ‘go’ button earlier in the day, building a more than twice subscribed book for a deal that was priced at the tight end of guidance.
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Italy is almost certain to set new records at a bond auction on Thursday, after its yields screamed down in secondaries this week — a trend that is set to grow stronger next week, said analysts. Thursday’s auction will be the third time the sovereign takes advantage of a heavily bid market this week, after breaking records at a bill auction on Wednesday and a zero coupon bond auction on Tuesday.
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A dollar denominated sovereign bond could be a viable way for the government of Papua New Guinea (PNG) to get around growing constraints on its ability to finance deficit spending, according to ANZ. And declining yields over recent years for similarly rated sovereigns mean PNG should be able to issue at attractive rates. -
A pair of mandates woke the SSA market on Tuesday following a sleepy summer for benchmark supply. FMS Wertmanagement is set to come in dollars and there will be euro supply from the Finnish sovereign — which also plans to sell a dollar benchmark later in the year.
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Eurozone periphery sovereigns had the best possible start to the traditionally busy funding period of late August and September, after comments from European Central Bank president Mario Draghi helped push down their yields in secondaries.
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Read on to see how selected benchmarks are faring in secondary. Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data.
