Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
Higher prices and concessions mean many issuers will wait for better days
Borrowers from the Gulf region have a track record of remarkable primary market prints
Asian buyers are sensitive to geopolitical turmoil in the Middle East, but they do return
More articles/Ad
More articles/Ad
More articles
-
Scarce issuance from Israel means investors have big demand when deals appear -
Bankers and investors saw the concession as low as zero but as high as 20bp
-
Lender’s book was nearly three times oversubscribed, despite opening in London
-
US inflation reading later this week will be the first major test for the EM primary market this year
-
International banks are finding it harder to stomach the prices local rivals can offer
-
Context and market conditions are always important when considering the merits of any new issue, but this was particularly the case in 2022, given how volatile markets were. Every CEEMEA issuer had to pay a high all-in price to get their deal away, and new issue premiums varied between issuers. EM issuers faced the toughest conditions in many years during 2022. The Russian invasion pushed investors to flee from riskier assets. The war had practical effects too: disruption to energy and food supplies sent inflation soaring and the resulting interest rate rises meant borrowing costs jumped sharply for CEEMEA issuers. New issue volumes dropped from 2021, particularly among CEEMEA corporates. By George Collard and Oliver West.
