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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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Corporate default risk is back centre stage. Nine companies have defaulted so far this year, among them Switzerland’s Petroplus, Yell in the UK and the US’s Eastman Kodak.
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Imagine if you will an embattled group of grizzled veterans and a short Frenchman in an alliance with some Germans struggling to maintain a grip on a European crisis. Never mind 2012: this could be 1812. Plus ça change, plus c’est la même chose, n’est-ce pas?
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With €19bn of new euro paper and $8.5bn of new dollar issuance this week, you would think that all was right again in the sovereign, supranational and agency market. Think again. This was a great week compared to what many people’s expectations were before Christmas but as with many things in the post-festive period there are signs of strain, flab and economic distress.
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Defying many bankers’ fears, the sovereign, supranational and agency bond market has made a rousing start to the year. Most significant of this week’s $16.7bn of benchmark deals in dollars, euros and sterling was the EFSF’s return to form.
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Systemic problems in the SSA market that have simmered away for years could be about to come to the boil and scald borrowers and banks in equal measure.
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Pity the European Banking Authority. Politicians had handed it the near-impossible task of overseeing yet another round of stress tests on European banks while a savage sovereign debt crisis was in full flow.