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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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Luxembourg’s decision to issue its debut sukuk in euros seems to defy common sense, since it will be selling into a Gulf-dominated market where most investors are fixated on dollars. But the grand duchy is right to stick with the currency and sukuk market participants should welcome this unusual choice.
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Spain and Greece shook off a sell-off in their paper last week to push down yields at bill auctions on Tuesday. The result augured particularly well for Spain, which sells longer dated paper later in the week.
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Portugal’s 10 year spread to Bunds ticked down in secondaries on Monday morning, the second day’s trading in a row where its bonds have tightened — after a sell-off over the first few days of last week. That bodes well for an auction of Portuguese bills on Wednesday, while Spain and Greece are also in action in the coming days.
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The Republic of Senegal starts investor meetings next week for a Eurobond. Ivory Coast is already on the road for its own deal. Should both issuers pick the same maturity — 10 years is popular with African sovereigns — bankers on the Senegal deal expect the two credits to price close together. Analysts, however, disagree about specific yields, but think Senegal will have to price wider. -
All good things must come to an end, it seems, and it’s perhaps fitting it was a deal from Greece that hinted at a — perhaps temporary — end to the periphery’s impressive bull run in the first half of 2014.
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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.
