Bank of America
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FMS Wertmanagement was quick to execute its inaugural Sonia-linked bond on Monday amid strong sterling floater demand. That hunger is showing no signs of abating, with International Finance Corporation looking to follow with its own debut Sonia bond on Tuesday. -
The European Financial Stability Facility rebooted the euro public sector market on Monday with an intraday execution ahead of what SSA bankers expect to be a busy week for supply. Belgium and KfW are already on screens for benchmark trades in the 10 year part of the curve.
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China Aoyuan Group stayed a step ahead of its property peers by raising a comfortable $275m from a tap of its 2021 notes on Thursday, one of two dollar bonds to be priced in Asia so far in the new year.
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Berkshire Hathaway was one of five issuers to brave choppy conditions on Thursday and open the dollar market with the first trades of 2019.
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The European Investment Bank and KfW comfortably raised a combined £2.25bn on Thursday after receiving whopping investor demand for benchmark trades. This Friday is set to add to the sterling glut, with deals from the Asian Development Bank, Bank Nederlandse Gemeenten and Swedish Export Credit Corporation.
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The European Bank for Reconstruction and Development on Thursday nipped in front of an expected glut of euro supply next week and was rewarded as it increased a green bond from its original size target and tightened pricing.
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KfW and the European Investment Bank mandated banks on Wednesday for the first sterling SSA deals of the year. Public sector borrowers are looking to pile into the sterling market before the crunch vote by the UK Parliament on Theresa May’s Brexit deal in mid-January, with deals expected in both Sonia-linked and fixed rate formats.
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The global high yield bond market has produced $320bn of new issues in 2018, up to December 21, 43% down on last year’s total of $563bn, according to Dealogic. Sentiment has turned progressively more bearish as the year has worn on, with concerns about US-China trade hostility and overvaluation of US equities biting.
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An appetite for risk is returning to Latin America's equity markets heading into 2019 as worries over the China-US trade war and rates hikes in the latter country ease, according to a Lat Am fund manager survey from Bank of America Merrill Lynch Global Research.
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Battling a host of problems — local and global — Latin American bond markets suffered a torrid 2018. Many issuers stayed away, high yielders struggled to find financing and investors booked losses. With more volatility expected, political developments in LatAm’s three largest economies could make or break the region’s bond markets in 2019. Oliver West reports.
