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Not every borrower can print overseas in their local currency, but for those that can, it is a great tool
Issuers have frontloaded their core currency funding and could benefit from turning their attention to other projects as the year draws to an end
Reforms should focus on banks' access to liquidity, not capital
Issuer has set the stage for peers to return to public market
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Bob Fernandez started at Wells Fargo this month as head of international debt capital markets and syndicate. He joins just after Harvey Hoogakker was hired in July as managing director of credit origination and syndication, write Francesca Young and Michael Turner.
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Bond sales desks are renowned among syndicates across the Street for their singular ability to ignore any and all instructions and requests. But those pushing SSA products at the behest of their syndicates could find themselves short of things to do sooner than they expect. This autumn's deal window may be a short one.
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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.