Cover story
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Santander shows big AT1 deals work best alongside tender offers
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Akbank opts for use of proceeds sustainable loan, others may drop ESG labelling altogether
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The market will need a breather before follow-up trades in foreign currencies
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Optimism rebounds after recent new issues were priced through fair value once more — but some parts of the curve could be more open than others
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European financial institutions — already facing a narrow issuance window over the next couple of weeks — must also navigate renewed rates volatility
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With no ECB there to offer boundless liquidity, some are warning of scares in secondary
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Convincing banks to print is the barrier to issuance
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Investors have swarmed to FIG FRNs despite looming interest rate cuts
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Companies can get undrawn loans at super-tight margins, drawn debt is dearer
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Euro issuance is down despite front-loading and asset managers keep buying
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Global body finds empirical evidence of widespread and serious tampering to improve figures
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SSAs look increasingly expensive versus government benchmarks, raising the question of when investors will stop buying
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‘All of the big EM names’ took part in Israel’s record bond issue, says accountant general
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Leveraged companies moving away from LBO capital structures are choosing loans for competitive pricing and flexibility
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Smaller, weaker FIG issuers bathe in spotlight as anything and everything sells
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Hopes rise that acquisition funding could turn a normal year great for corporate debt
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Commercial real estate worries creep back into investors’ minds but rate cut hopes and need to place cash prevail
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Bankers ‘really can’t explain why’ dollar market has suddenly caught fire
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Missed KPIs and coupons stepping up could be what the market needs to show robustness
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Senior issuance to come to the fore as higher rates deter covered bonds and subordinated funding
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Investors spying peak rates are packing the new issue market, tempting issuers to accelerate
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Issuers face a field of hazards, including opaque pricing and unreliable secondaries
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Larger concessions look likely after EU plays it safe and wins big book
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US issuers and insurance companies could benefit as Moody’s relaxes parts of its approach
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Banks are getting busy refinancing additional tier one — could even UBS issue?
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A rise in corporates looking to print debut deals comes as lending conditions tighten across Europe
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Mixed bag of results for borrowers leaves sell-side scratching its head as to what to do next
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Big borrowers urged to show leadership as dealers insist demand lies at the long-end
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Bank’s debut to reach beyond FIG market as SSAs consider copycat bonds
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The coup has made the already tough task of issuing a new bond in Africa even more difficult
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Details of Arm's Chinese operations should not have surprised investors, say bankers
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Both supply and demand are on the rise to support more long-dated paper
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Burden on Mexico’s finances is huge and investors are beginning to focus on the next government’s stance on the company
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◆ Barclays’ bumper senior print proves euro market wide open ◆ US downgrade unsettles sentiment ◆ Dollars still the cheaper market
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Central banks play nice but a reckoning is coming for corporate spreads
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◆ Size and execution the main attractions of dollars, but it costs more ◆ Well progressed UK banks weigh taking a chip off the table ◆ Dollar covered bonds unlikely
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Development banks could issue hybrids up to a third of their equity
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Investors and analysts fear central bank has not gone far enough in its fight against inflation following rally in bonds
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◆ Supply, not demand, to determine summer pipeline ◆ Barbell market with top and low quality issuers the most welcome ◆ Opportunistic funders the most likely summer candidates
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Curve tightens as supra undercuts issuance expectations but uncertainty remains amid ‘bottleneck’ loan delays
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'Relief rather than fear' for investors missing higher yielding deals as they dodge deals from minnows in favour of benchmarks
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Silicon Valley Bank’s collapse in March postponed the pipeline of state selldowns
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Demand for high yielding paper drives comeback for most subordinated bank capital
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Eager investors appear willing to ignore hawkish signs with more borrowers likely to contemplate bonds
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The soda ash company failed to convince risk-averse investors to accept its valuation demands
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The bills have the potential to do damage to both New York and sovereigns themselves, say sources, while others urge change
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Wave of deals comes after some borrowers had shunned dollars for months or years
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