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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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Eurozone periphery sovereigns put a sell-off in their bonds last week behind them with a series of solid auctions this week, but fears remain over whether Portugal will stay insulated from the troubles surrounding its beleaguered bank, Banco Espírito Santo.
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Ivory Coast’s new $750m 10 year bond was up 40 cents in the secondary market on Thursday, despite being priced with a yield that was 50bp tighter than most investors had asked for, said debt bankers involved.
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Spain boosted its maturity profile and pushed down its borrowing costs on Thursday, auctioning €1.021bn of July 2032 bonds at a yield lower than where it last sold bonds of a similar tenor two months ago.
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Ivory Coast opened books on a 10 year dollar bond on Wednesday but political uncertainty and a chequered repayment history made for varying views on pricing, with opinions on the yield guidance ranging from “a bit tight” to “slightly cheap.” But the sovereign had no trouble attracting interest, with UK and European order books going subject by 10am GMT. -
Portugal’s 12 month borrowing costs rose by the highest amount at auction in a year on Wednesday morning, suggesting that the sovereign is not immune to the problems engulfing Banco Espirito Santo. However, the result was tempered by trading in Portugal’s longer term debt, with yields down in everything longer than one year paper in secondaries immediately following the auction.
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A slight rise in Portugal’s 12 month borrowing costs at an auction on Wednesday morning failed to quell investor appetite for the sovereign’s longer dated debt, as its secondary yields fell across all tenors above one year following the auction.
