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With billions of funding to be done, it will serve hyperscalers well to be less ambiguous
Borrowers moving between the two markets create opportunities for both
Where do investors look when JGBs and USTs are no longer reliable?
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There must be plenty of films to which bankers would like their deals to be compared. A League of Their Own, perhaps, or Chariots of Fire. But over the last few weeks a very different narrative has been playing out in the leveraged loan market. Two entities, produced just a few days apart, have faced vastly differing fates. We are of course in the territory of the 1988 classic, Twins.
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The European Union’s Prospectus Directive was, like much of the regulation introduced over the last few years, a noble effort to protect investors. But it may also have overstepped the mark — at least from the medium term note market’s point of view.
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Emerging market private placements are on the rise. Issuers are right to build up a presence in this market and it is a natural fit for them.
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SSA borrowers seem to be a complacent bunch all of a sudden. Most are happy to keep ticking over with taps, dollar FRNs and various other bits and bobs from the bottom drawer of the funding cupboard, rather than grace benchmark markets that bankers insist are open. One can only hope the rest of the year does not leave them rueing missed opportunities.
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Royal Bank of Canada’s recent €2bn seven year covered bond came in for criticism because its final spread of 16bp was deemed too far away from the initial price thoughts that are supposed to help investors make a decision on the relative value of a trade. If they commit to buy with an indication of interest, issuers should have the decency to make sure that the final spread comes reasonably close to the starting point.
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RBC Capital Markets made a sensible decision this week in doing what so many of its peers wish they could do by walking away from a number of costly primary dealerships. Although some SSA bankers will point to this and the demise of UBS’s SSA business as signs of the beginning of the end of the SSA universe as we know it, it is more likely that RBC’s decision will herald evolution rather than revolution.