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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 Portuguese sovereign proved itself all but immune to the latest woes stemming from Banco Espírito Santo this week, as even the bank’s worse than expected results failed to make much of a dent on the country’s secondary yields. But while the outlook for the periphery is bullish, some analysts warned that political risks are rising in Italy. -
Ireland’s capital market renaissance spread to the very short end of the curve this week, as it sold its largest piece of commercial paper outside its home currency in two years. Meanwhile, the sovereign is also seeking to reduce its near term redemption pile as part of its recovery process after coming off International Monetary Fund and European Union support last year.
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The UK Debt Management Office raised its largest ever book for an inflation linked syndication on Tuesday when it opened a new 2058 line, despite the deal coming as the summer holidays are in full swing in the UK. The syndication also marks the first time the DMO has printed an inflation linker at a negative real yield.
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Italy broke its third euro-era record of the week at an auction on Wednesday morning, as analysts tipped the country and its eurozone periphery peers to keep rallying in the coming weeks. But while Spain was basking in its best quarterly growth figures since late 2007, worries about Italian prime minister Matteo Renzi’s ability to force through political reform could hit sentiment for his country’s debt in the longer term.
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Italy hit new lows in its borrowing costs for the third auction in a row this week on Wednesday, but the sovereign — along with Greece — could be more at risk to fallout from the latest European Union sanctions imposed on Russia than the rest of the eurozone periphery.
