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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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Japan’s vast monetary easing policy may be riding to the rescue of borrowers and bankers worried about what effect the tapering of quantitative easing in the US may have on new issue markets. SSA borrowers and financial institutions in particular have seen a boost in demand from the country that is reaching well beyond the usual group of top tier credits that Japanese investors have focussed on in recent years, writes Kathleen Gallagher.
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The European Financial Stability Facility (EFSF) opted for a long-dated print this week to round off its funding for the year. Despite coming at a double digit spread through France and with a sub 3% coupon, it attracted an oversubscribed book as investors snapped up the opportunity to buy what could be the last supranational or agency benchmark of the year.
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Gabon is planning its second ever international bond deal seven years after making its debut. Investors are willing to look past previous payment delays on its outstanding Eurobond, to the country’s strong fiscal fundamentals while the flat curve of comparable credits like Nigeria bode well for tight pricing on the planned 2023 soft-bullet bond.
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Syndicate bankers expect sustained Kangaroo deal flow in the closing weeks of the year, following trades from Bank Nederlandse Gemeenten (BNG) and Rentenbank this week. The supply glut has bankers salivating at the prospect that the Kangaroo market is finally maturing.
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With Italy’s yields falling fast and its political outlook much enhanced, bankers are urging the republic and other peripheral eurozone sovereigns to harness investors’ move down the maturity spectrum. As spreads to Germany narrow further buyers are likely to welcome long dated bonds from them — despite the decision by one of the largest holders of Italian debt to shed another €500m. Craig McGlashan reports.
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Italy sold 10 year debt at a shade over 4% on Thursday, the lowest level since April and in line with its levels before it was dragged into the heat of the eurozone debt crisis three years ago.