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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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Cyprus drew a flock of international investors to its comeback five year syndication this week as Greece mulled its options for a second syndication of the year. But concerns are growing that a wave of volatility may be about to confront investors in an ever more frenzied hunt for yield as banks take up the European Central Bank’s targeted long term refinancing operations (TLTROs) later this year. -
Italy will attempt to reduce its 2015 funding requirement on Friday with an exchange offer, a little over a week after Spain launched a similar operation.
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The UK’s Islamic banks have good grounds for fury at missing out on the UK sovereign sukuk mandate. But for their own sakes, they must keep faith that the deal is a dress rehearsal for something bigger, and turn up in size to buy the paper.
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Italy will attempt to reduce its 2015 funding requirement on Friday with an exchange offer a little over a week after Spain launched a similar operation.
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Cyprus will use the proceeds from its comeback €750m June 2019 bond this week and any other syndications in the coming months to repay debt maturing soon after its bail-out programme’s scheduled finish in May 2016. The sovereign completed the quickest turnaround of any bailed out eurozone sovereign on Wednesday but is already mulling its next move — including organising non-deal roadshows to keep investors abreast of its plans.
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Sovereign, supranational and agency issuers are targeting smart funding opportunities given the robust investor demand for the paper despite bumper levels of issuance last week. Elsewhere peripheral sovereigns trying to re-establish market access — including Cyprus — are looking to bolster their capital markets presence.
