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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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Who says disintermediation is just for corporates? This week SSA investors were presented with a landmark deal, as the City of Gothenburg became the first Swedish municipality to sell a publicly syndicated deal.
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Would it be fair to say Ireland’s 10 year benchmark success on Wednesday was a foregone conclusion? Yes, it probably would. Ireland has long been the poster boy for the peripheral European sovereigns and the conditions were ripe for this deal to be a blowout.
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The iTraxx senior financials index closed at 142bp on Thursday, 2bp inside where it finished on the eve of the Italian election. Spanish 10 year yields, at 4.93%, are poised to test levels not seen in two years. Fundamentally, though, nothing has changed. European growth continues to splutter close to zero — and with every downward revision to GDP, budget deficits relative to growth must rise.
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Loss absorbency is a buzzword among bank regulators, so it’s understandable that lenders in several jurisdictions are eyeing up the nascent contingent capital market. Barclays and Royal Bank of Scotland are considering deals, while Danish and Swedish regulators have made noises about allowing their banks to raise Pillar II capital in Coco form.
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This week really should not have ended as well as it appears to have done. Italy has no government, and there is a chance that its next one will be led by a comedian, or someone who only last year had to give up the job.
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ECM bankers are getting used to what they see as a vociferous minority of outspoken UK fund managers trash-talking IPOs — and the banks that sponsor them — almost as a matter of course.