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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 shores with a comeback five year syndication on Wednesday, while is Greece considering a second syndication of the year.
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Cyprus wasted no time in mandating for a comeback bond, hitting screens on Tuesday afternoon after two days of investor meetings in London. Elsewhere, Spain — which auctions bonds on Wednesday — and Greece enjoyed stellar conditions in bills sales.
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Cyprus’s two-day roadshow this week will be solely in London after finding the majority of interest in a potential new euro syndication came from the UK, SSA Markets understands. The sovereign may opt to print a longer dated deal than Greece’s comeback five year bond, said bankers away from the mandate — but that could be dependent on investor confidence in the face of potentially destabilising events across emerging markets.
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The UK government has come under fire from the country’s Islamic banks after including none of them on the mandate to lead manage its inaugural sukuk. -
The Kingdom of Morocco is aiming to put a flourish to the end of this week’s CEEMEA bond issuance, with initial price thoughts out for a 10 year euro deal. It opened books on Friday morning and aims to price the bond this afternoon.
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While most sovereign debt management offices pride themselves on being dull, Spain — which hasn’t had the calmest of times in the primary issuance market over the last four years — decided to take a different tactic this week. And it paid off in bucket loads. Other sovereigns, both peripheral and core, should take note.
