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The Americas derivatives community came together in New York to recognise and celebrate outstanding achievements across the industry
The derivatives market gathered in London on Thursday night to celebrate its leading players
Internal restrictions mean SSAs issue fewer CMS-linked notes
JP Morgan and Dutch pension fund PGGM transacted derivatives margin trade
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The International Finance Corporation has been instrumental in helping to develop capital markets across the emerging markets, and nowhere more so than in Africa, where the infrastructure investment requirement is so great. Philip Moore analyses the organisation’s three-pronged approach to local currency issuance.
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Unhappy with the lack of liquidity available in conventional Europeso bonds, Latin America’s best-rated corporate América Móvil came up with a novel instrument — sold seamlessly to domestic and international investors — that would allow it to increase the proportion of its financing raised in local currency. Olly West reports.
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Turkey’s big five banks — Akbank, Isbank, Garanti Bank, Vakifbank and Yapi Kredi — seem to be in a debt capital markets arms race. All five jumped into dollar bonds a few years ago, then Eurolira this year. But in terms of local currency issuance, Garanti is streaking ahead, hawking its paper via its new MTN programme in a way that would make even the most experienced Bazaar vendor look coy. Francesca Young finds out what the bank has its eye on next.
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Issuers look at local currency issuance for a variety of reasons, whether it be a manufacturer financing a foreign operation or a development bank looking to promote growth. One way or another, all are looking to take advantage of opportunities not available elsewhere, writes Philip Moore.
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After a strong start to the year, global emerging market local currency debt issuance has taken a beating amid the volatility sparked by fears of a reduction in US quantitative easing. Local currency markets are more important than ever — but for stability to be achieved, the institutional investor base must broaden. Philip Moore reports.
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Latin American companies have been busily diversifying their funding sources in recent years, attracting strong demand for local currency bonds sold to global investors. That demand is having a big effect on what is achievable: coupons have fallen and tenors have risen, making global local deals a viable alternative. Philip Moore reports.