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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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Mega bond fund Pimco has been meeting issuers in Portugal to assess whether a sell-off sparked by concerns surrounding Banco Espírito Santo marks the time — after a five year absence — to plunge back into the nation’s debt. But the timing is a little bizarre.
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A strong cash position has allowed Italy to cancel a pair of auctions in August, while a boost in tax revenues let Spain reduce its gross funding target for the year. But there will still be plenty of opportunities for investors to grab the sovereigns’ paper over the next month.
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The African sovereign bond market has come of age, with debt bankers expecting this year’s successes to encourage debut transactions, as well as more regular issuance and diversification into euros from established names. Senegal’s seven times subscribed $500m 10 year bond this week was just the latest deal to surprise bankers, with an aggressive starting point and even tighter finish. But the current open mouthed surprise at what African sovereigns can achieve could soon be forgotten as deal after deal attracts a huge order book despite slim new issue concessions. Steven Gilmore reports. -
Senegal sold a seven times subscribed $500m 10 year bond this week, at a yield well inside what bankers away from the deal saw as a surprisingly aggressive starting point. But surprise at what Africa sovereigns can achieve is becoming less justifiable as deal after deal attracts a huge orderbook despite slim new issue concessions.
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The European repo market is battling to improve discipline and reduce the level of trade fails, which, driven by negative rates, restrictive capital rules and illiquidity in the bond markets, could shrink liquidity even further. But harsh punishments for trade fails contained in the European Central Securities Depositories Regulation could be counterproductive, and the industry, backed by the ECB, is trying to have them changed.
