For bond issuers to keep away from the primary bond market after a shock, like the outbreak of the war with Iran, is not unusual. But it is when only one group is steering clear when every other is issuing.
For understandable reasons, there have been no bonds from the Middle East since the US and Israel began their attacks, of course. But there has been issuance from elsewhere in emerging markets. That only leaves banks issuing in euros as yet to register a deal in that time.
It's even more curious when they are issuing in dollars and printing covered bonds. We examine why they are holding back and discuss how they might return.
There was still plenty for investors to buy in Europe's credit markets, however. Not least was Amazon's multi-tranche blockbuster, its debut in euros. We uncover what the deal meant for investment grade corporate issuance in Europe.
Finally, we discussed the changing investment banking landscape in the Gulf and how the war raises fresh questions about how sustainable the ledning and bond business is in the region.
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