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• Road to repo beckons for Ghana after TRS trade

  Ghanaian banks’ avenues for dollar funding could be set to grow, after one of the country’s financial institutions entered into a total return swap with Société Générale that soothed over bottlenecks in its repo markets.

  • 17 Jan 2019

• SocGen closes first Ghanaian cross-currency TRS

  Société Générale has entered into a $40m cross currency total return swap with Fidelity Bank, the Ghanaian lender, in a trade that participants hope will unlock Ghanian cedi-denominated securities as collateral for further dollar funding.

  • 14 Jan 2019

• Thirteen sovereigns face first redemptions as refi costs rise

  Thirteen emerging market sovereigns will face their first bond market redemptions over the next seven years and, with financing conditions set to become more difficult, market participants are watching them carefully.

  • 10 Dec 2018

• $2tr EM maturity wall looms as markets worsen

  The party looks to be over in emerging market bonds leaving borrowers with one heck of a funding hangover. Years of low rates have prompted a debt splurge from borrowers able to fund at ever lower coupons. But just as dollar rates are on the increase, those credits are racing towards a $2tr maturity wall and the problem of how to refinance it in a market that has presented clear symptoms of risk fatigue this year shows no sign of abating. Lewis McLellan and Francesca Young report.

  • 06 Dec 2018

• Brexit’s DCM brain drain begins as banks get moving

  The next few months in the run-up to Brexit will bring upheaval for debt capital markets and syndicate teams at London’s investment banks, as they work out which roles will have to be done from the European Union and which staff to move. But the pressure will not cease on March 29, as national regulators have considerable scope to compel banks to relocate jobs. Jon Hay reports.

  • 22 Nov 2018

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