Credit Suisse

Investors see equity-linked debt as combining safety with upside in a happy medium. But for issuers, the product is offering happy extremes: super-high premiums, ultra-low coupons and even no equity risk. Jon Hay reports.

The Inter-American Development Bank is the latest issuer to enter a red hot dollar market, after KommuneKredit and the Asian Development Bank raised money on Wednesday.

Barclays has printed one of the largest dollar senior trades from a European bank in recent memory, as it and Santander UK took home $5bn of holding company debt between them on Tuesday.

National Australia Bank (NAB) has priced a seven year Swiss franc note on Tuesday, making it the first international issuer in the currency for 2016.

Hong Kong real estate giant Swire Properties and the Korea Development Bank have launched the first investment grade bonds from Asia for 2016, opening books for dollar-denominated transactions on January 6.

Last year’s difficult dollar conditions looked firmly in the past on Tuesday as a pair of issuers tapped different parts of the curve for big deals — and other issuers readied themselves for trades.

Credit Suisse and UBS dominated Dealogic’s European FIG bookrunner rankings for 2015, helped by their issuer parents cranking up their issuance of holdco and capital instruments.

The GlobalCapital editorial team has picked what it believes to be the standout bond issues of 2015 across the financial institutions, public sector, emerging markets and corporate bond markets. We selected the trades that we think will be remembered for their success in challenging conditions, for making the best use of the demand available to them, or for having made a longer lasting impact, such as the re-opening of a market. The FIG Deals of the Year 2015 winners are presented here.

Asia’s debt capital market is set for a busy start to the year with both repeat and debut issuers looking to sell dollar offerings as early as this week.

The GlobalCapital editorial team has picked what it believes to be the standout bond issues of 2015 across the corporate, high yield, public sector, financial institution and emerging market bond markets. Below are the High Yield Deals of the Year 2015.

After an eventful year for European corporate bonds, HSBC has ousted BNP Paribas as top bookrunner for European issuers, though BNPP stays top for all corporate issues in euros.

Solvay, the Belgian chemical company, achieved a 95% take-up for its €1.5bn rights issue, which concluded last week, to finance its $5.5bn takeover of Cytec Industries – one of 2015’s most prominent M&A financings in the European equity capital market.