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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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Cash-strapped Serbia started investor meetings this week ahead of its planned second bond issue of the year, surprising analysts that had expected it to wait until it had first completed a separate deal to get a loan from the United Arab Emirates. That would have helped improve investor confidence and avoided a hefty new issue premium on the new bond, they said.
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Pakistan is drumming up plans for a $750m bond, its first international issue in six years, in the coming months to take advantage of the country’s improving economic conditions and capitalise on global investors’ appetite for yield.
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Italy and Spain were two of the biggest beneficiaries after the European Central Bank cut interest rates on Thursday. The sovereigns’ yields fell in secondaries — strongly positioning them to close out their funding for the rest of the year — and providing a further fillip at the end of a strong week of issuance.
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Several sovereign, supranational and agencies looking to diversify their investor base have ramped up their private placement issuance this year. But the smartest borrowers have looked past medium term note programmes and are investigating the Schuldschein and Namensschuldverschreibung formats — two markets that have moved beyond their German origins and are attracting more international investors and issuers.
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Serbia has picked banks for its second bond deal of the year and starts investor meetings this week. The sovereign lacks enough reserves to cover its financing requirements for the rest of 2013, and needs the bond deal to help tide it over until 2014, said analysts.
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Spain should have little difficulty tapping a trio of bonds at auction on Thursday, said analysts, despite its paper suffering a sell off on Monday and a busy few days of data releases and announcements.