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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 African Development Bank and Rentenbank sold long dated Kangaroo bonds this week, highlighting strong appetite for Australian dollar debt far down the curve.
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French regional and local government borrowers are expected to increase their capital markets debt — with the help of municipal borrower Agence France Locale — to 18% of their total debt stock over the next three years, Moody’s said on Thursday.
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Indonesia opened books on its first ever euro bond issue on Tuesday and drew well over €4bn in orders for the seven year deal. But it is paying a hefty premium over its dollar curve, said debt bankers away from the deal, who were surprised that the sovereign deemed the cost of diversification worthwhile. -
Peripheral European borrowers are set to benefit from a lack of competing supply and red hot demand this month. Conditions are strong enough this week for Portugal to launch a dollar bond in the tricky 10 year maturity, despite troubles affecting one the country’s leading banks — plus a short benchmark execution window.
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Portugal returned to the dollar market on Wednesday, storming through its first syndication in the currency since 2010. Appetite for yield and an attractive pickup over euros allowed the issuer to draw a large order book, despite Banco Espirito Santo, one of the country’s major lenders, suffering extreme volatility in secondary bond markets in the days leading up to the sale.
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South Africa has picked three banks to lead manage a foreign currency bond. The deal comes with the sovereign's existing dollar bonds trading wider despite the end of a long-running mining strike and with the ailing economy showing little sign of improvement, said emerging market analysts.
