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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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SSAs in the European Union have slashed their outstanding volumes of commercial paper and certificates of deposit in euros by over 15% since the European Central Bank cut its deposit rate by 10bp to minus 0.1% on June 4. The figures come as Standard & Poor’s warned that the rate cut could cause investors to pull out of money market funds — one of the ECP market’s most important investor bases.
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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. -
Cyprus put the final piece of the periphery comeback jigsaw puzzle firmly in its place this week with a confident €750m five year bond that drew nearly €2bn of demand — the vast majority from overseas, and just a quarter from fast money accounts. Greece could be next up with a three or seven year — but with money market pricing possibly signalling some unexpected behaviour among banks tapping the European Central Bank’s targeted long term refinancing operations later this year, Athens funding officials would do well to bring a deal sooner rather than later.
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In a week that took in the fastest turnaround of a peripheral eurozone sovereign from bailout to bond syndication, bond investors have once again demonstrated their willingness to embrace anything with a whiff of yield. But low levels of volatility and strong markets have participants worried that investors could be left with a stinky mess on their hands.
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The United Kingdom has pulled ahead decisively in the lop-sided race to issue the first Western sovereign sukuk, writes Dan Alderson. Tiny rival Luxembourg could only look on this week as UK borrowing officials roadshowed the groundbreaking offering across six Gulf and Asian money centres in three days — bolstering London’s bid for regional leadership in Islamic finance.
