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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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Sweden pounced into the euro market on Wednesday, mandating banks for a five year benchmark. Dollar-based issuers may be hot on its heels as euro funding becomes even more attractive than in previous weeks, according to syndicate bankers.
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Network Rail is set to leave the capital markets after the UK government decided that it could guarantee better value taxpayer money by lending directly to the agency. But the funding team’s jobs appear to be safe and there has been little impact on Gilts following the announcement.
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Italy took a radical approach to its latest BTP Italia in order to stop the bond reaching the epic size of its predecessors, but it didn’t work. With a redemption profile that is starting to resemble the Dolomites, the sovereign needs to sharpen its funding tools further.
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Investor sentiment for Portugal has been strong ahead of the sovereign’s first bond auction in three years on Wednesday. Its 10 year yields have fallen by around 20bp over the past week. Portugal’s sale comes amid a busy week for auctions in the eurozone periphery, with Spain and Portugal also selling debt.
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Spreads on new issues widened by as much as 50bp in the run-up to Easter, coming after a week which saw $9bn in G3 bond issuance from Asia ex-Japan. While some bankers are blaming the sell-off on poor execution rather than sentiment, most are positive that investors will be back seeking diversification from China, writes Virginia Furness. -
Bond investors seem desperate to get their hands on anything other than Chinese property and frontier market sovereigns are stepping up to the plate. Recent and lauded sovereign bonds from Sri Lanka and Pakistan have provided much needed diversification and appetite for frontier credits continues to be rife. Bangladesh has been waiting in the wings and now is the perfect time for it to take the plunge.
