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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 the Philippines sold a hugely successful $1.5bn 10 year transaction on January 9, switching existing investors out of $1bn of more costly dollar debt and into the new bond. Massive oversubscription enabled the borrower to price the new notes with a negative new issue premium in an exercise that completely repriced the sovereign’s curve, said a banker involved in the sale. -
The Republic of Lithuania launched an EMTN programme on Wednesday and could print private placements using the documentation, SSA Markets understands.
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A remarkable rally in eurozone periphery debt since the turn of the year was in sharp focus again on Thursday, as Spain wiped nearly 60bp from its three year funding costs at an auction.
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The dollar bond market looks a less reliable source of funding for public sector credits after US employment data renewed investor uncertainty over the direction of rates, issuers and bankers judged this week.
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Portugal will re-launch medium to long term debt auctions in the first half of 2014, according to the country’s new financing programme, which was released on Wednesday. Portugal’s standing among investors was reinforced on the same day, as it sold 12 month paper at the lowest yield since November 2009.
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January frontloading is traditional for sovereign issuers, but could be more important this year than ever. Investor demand and the prospect of rising rates mean savvy states should follow the lead of the first issuers of the year — and quickly.
