Italian Sovereign
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Italy sold debt with a negative yield for the second day in a row on Wednesday, as it prepares for a sale of longer term bonds amid strong speculation that the European Central Bank will expand quantitative easing in December. -
Uncertainty over the make-up of the Portuguese government following an inconclusive election is playing havoc with the sovereign’s yields — but analysts warned it is not alone in suffering from potential political risk.
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Portugal is underperforming its nearest peers in the eurozone periphery ahead of a debt auction later this week, amid tense talks to form a government for the country.
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Italy has sparked a busy week for the eurozone periphery by cutting its borrowing costs at an auction of short term debt.
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Italy blew the doors off the market with the first eurozone periphery sovereign benchmark in a month. And with extra explosives from the European Central Bank, it may have blown a hole big enough for its peers to pile through, writes Craig McGlashan.
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A eurozone periphery sovereign drew a hefty book for an inflation linked benchmark on Wednesday, paving the way for other countries from the region to bring deals, according to SSA bankers.
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The European Central Bank has beaten a case against it by a group of Italian investors claiming damages over the 2012 restructuring of Greek debt.
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The SSA pipeline is in full flow mid-week with a series of strongly supported deals, despite Ontario on Monday pulling a euro benchmark — the first pulled public sector deal in nearly a year.
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Italy’s five and 10 year borrowing costs dropped to their lowest levels since April on Tuesday, as the sovereign hit its maximum volume target of €8bn at a bond auction.
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Spain is enjoying a strong warm-up for a debt auction this week, as its yields fell faster than its eurozone periphery peers following a Catalonian election where independence parties won just under 50% of the vote.
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The second Greek general election of the year has returned a much more market friendly result than the first one, and SSA bankers are hopeful that a prevailing calm in the euro market could lead to some deals.
