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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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This week's scorecard covers the funding progress of sovereign issuers, with every issuer with a funding year that matches the calendar year either over the halfway mark or approaching it. Next week's scorecard will deal with European supranationals and agencies. -
Eurozone periphery sovereigns proved that a sell-off of their debt two weeks ago was merely a blip in their hot streak since the turn of the year, as Italy – fresh with a strong mandate for its reformist government, led by Matteo Renzi, in last week’s European Parliament elections – crunched down its funding costs to record lows at auction, while Cyprus sounded out banks for a syndication in what would be the quickest turnaround of any of the bailed-out sovereigns. Craig McGlashan reports.
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The Republic of Indonesia can expect strong demand and tight pricing for a dollar sukuk if it comes to market soon, said investors, after the country picked four banks for the sale. The mandate follows a triumphant rally since the start of the year and a big turnout for Pertamina’s 30 year bond last week.
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Italy left a short sell-off of its debt firmly in the dust on Thursday, stamping down its five and 10 year borrowing costs by more than 20bp at auction and setting euro-era record low yields in the process.
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Austria took advantage of a clear week of issuance to bring an unusual dual tranche issue that included a six year floating rate note. Strong demand for the 10-year should encourage issuers looking at printing euro benchmarks in the coming weeks.
