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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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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. -
Ireland and Portugal have made impressive returns to access the bond markets over the past year. As Greece looks to ape them, it shouldn’t lose sight of the groundwork that preceded those comebacks in the wash of liquidity available for high yielding issuers.
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Investors should expect a rush of aggressively priced deals from SSA issuers in the coming weeks, according to syndicate bankers. Borrowers emboldened by a strong new issue market are considered likely to throw caution to the wind and turn their eye to securing very attractive levels in lieu of large sizes.
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Greece has adopted Ireland’s post-bailout playbook, with a first benchmark bond by one of its banks since 2010 completed this week and the sovereign readying its own return to the market. But this strategy is riskier for the south-eastern European country, bankers caution, because fast money is much more involved in Greek debt than it was in Ireland, writes Craig McGlashan.
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The UK Debt Management Office slashed its Gilt sales target this week, when it introduced its funding plan for the 2014-2015 fiscal year — a move that should boost demand for UK government bond syndications, but which came as the government proposed changes to the pension fund industry that could affect major investors in the Gilt market.
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Greece’s sovereign funding officials may have had their spirits lifted by the success of Portugal and Ireland in returning to the bond market in the past year. But although Greece’s yields are falling, its loudly broadcast hopes of making its comeback before May’s European elections border on the Panglossian side of optimism.
