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A double digit premium to the dollar curve lured in overseas buyers, who took a 'large chunk' of the bonds
Investors have lots of cash and are eager for new issuance
Investors are keen for new bonds and better rated borrowers may not want to issue in numbers
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The Federal Reserve is losing confidence in the US economy, global economic growth is flagging and Treasury yields are staggeringly low. Emerging market assets, meanwhile, are full of beans, as low rates and healthy risk appetite provide a magic combination for EM companies looking to raise capital. But the Fed is worried for a reason: there’s trouble ahead, write Lewis McLellan and Sam Kerr. -
Emerging markets and developing economies (EMDEs) are at risk of a financial crisis as mounting debt levels are making them vulnerable to an economic shock, the World Bank warned this week.
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Turkish banks have completed the first refi season of the year and, despite ongoing geopolitical issues including concerns about Turkey's purchase of S400 missiles from Russia, spreads in the secondary loan market have stabilised at slightly wider levels.
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Magnitogorsk Iron & Steel Works (MMK) broke a 16 year bond market hiatus with a five year dollar benchmark on Wednesday, raising $500m without paying a new issue premium.
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The reception for Guangdong Energy Group’s dollar bond debut this week clearly showed the pent-up demand for investment grade names from China, but a question mark hangs over the supply forecast for government-owned issuers — particularly local government financing vehicles (LGFVs). Addison Gong reports.
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Taiwanese commercial banks have backed away from Chinese loans, presenting a conundrum for bankers taking deals into general syndication. But a pair of leasing companies in the country offer a glimmer of hope.
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