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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 Republic of Indonesia has picked four banks for a global dollar sukuk, the finance ministry’s director general of debt management Robert Pakpahan told GlobalCapital’s Islamic Finance Information Service. -
Eurozone periphery sovereign bonds enjoyed a strong start to the week, retracing much of their losses from a sell-off over the past two weeks — boding well for upcoming supply from Italy. The sovereign tested investor demand with an auction on Tuesday morning, where yields held steady from the previous sale of the tenor.
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Austria could bring an unusual fixed and floating rate dual tranche deal on Wednesday, having mandated banks for a benchmark on Tuesday afternoon. The mandate is timed to take advantage of a short issuance window in euros this week. A holiday in the UK on Monday and Ascension Day in much of Europe on Thursday make Wednesday the only clear day for benchmark issuance in the currency.
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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.
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Storming conditions in dollars this week led to a series of blow-out deals — but a large amount of supply in the last two weeks, plus uncertainty over the outcome of upcoming European elections and what the European Central Bank will do at its next meeting could mean that issuance conditions won’t be red hot for much longer. Those problems could also affect euros — where issuers considering deals at the 10 year part of the curve have the added difficulty of offering a sufficiently enticing yield.
