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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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Indonesia started 2014 in style this week with a $4bn dual tranche behemoth that equalled the largest ever bond deal from an Asian sovereign. A colossal orderbook, record US participation and a strong secondary performance for the 10 and 30 year tranches demonstrates that with the right strategy, Asian sovereigns that were under pressure mere months ago can bring blowout deals.
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Portugal has joined a queue of peripheral eurozone sovereigns looking to take advantage of a tantalising compression in spreads since the new year, mandating banks for a tap of its 4.75% June 2019 bonds on Wednesday.
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The Luxembourg government’s introduction of a sukuk bill has raised the possibility that it might stump the United Kingdom’s bid to issue the first European sovereign Islamic paper. But rather than causing alarm among UK Islamic finance practitioners, this competition for the limelight should be celebrated as a win-win for the market.
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The Democratic Socialist Republic of Sri Lanka managed to price its first dollar bond in two years through its existing curve. While response to the $1bn bond was tepid in Asia, US investors showed no such reticence. -
Indonesia became the second Asian sovereign in the market this week on Tuesday launching a dual tranche bond split between 10 and 30 year tenors. Bankers away from the transaction were struck by the high starting point on the 30 year piece, but buyers felt the strategy was sensible given concern around the credit.
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Ireland blazed a path for its eurozone periphery peers on Tuesday, as a book in excess of €14bn let it price a bond inside its curve and helped tighten spreads across the peer group — potentially convincing more sovereigns to come this week.
