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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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Italy hit its maximum target and wiped basis points off its funding costs at an auction on Thursday, but the country’s latest political turmoil threatens to blow its debt recovery off course.
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Sovereign, supranational and agency issuers are set to enjoy strong demand this week, after Janet Yellen’s first appearance in front of Congress as Federal Reserve chair reassured any investors concerned about whether the change at the Fed would bring a different approach to QE tapering.
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Slovenia offered a sign of just how much pent up demand is present in the CEEMEA bond market, building an orderbook of over $16bn for its dual tranche deal on Monday. The notes were trading 15bp-20bp tighter on Tuesday morning, despite being priced flat to inside the sovereign’s secondary curve. This left debt bankers on the bond in no doubt that the reception and performance was down to a lack of dollar issuance rather than a juicy spread.
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Portugal became the second borrower from Europe’s periphery to find liquidity at the long end of the curve this week, after it priced a tap of a February 2024 bond that was three times covered on Tuesday. Spain’s Fondo de Amortización del Déficit Eléctrico (FADE) joined the peripheral party with a September 2017 syndication on the same day.
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Portugal hired banks to run a tap of a February 2024 bond on Monday after the Autonomous Community of Madrid picked up 10 year cash with ease. The deals have left Europe’s periphery looking unfazed after a German constitutional court ruling criticised the European Central Bank’s Outright Monetary Transactions scheme.