Euro
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The ebullient tone that characterised the first three weeks of September has faded as investors begin to fret over the US presidential election on November 8, but there is still life in the SSA market.
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Showing its openness to ideas from the European continent, the UK this week followed the eurozone into corporate bond quantitative easing. The Bank of England began its long anticipated Corporate Bond Purchase Scheme on Tuesday, and already it appears to be stimulating a flurry of sterling bond issuance.
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Heads turned in the investment world early in September, when BlackRock published a 15 page think piece on ‘Adapting Portfolios to Climate Change’. In fact, it could be a turning point. If the world’s largest asset manager is taking climate change seriously, other mainstream firms, especially in the US, now have little excuse for ignoring it. Ewen Cameron Watt, senior director at the BlackRock Investment Institute, spoke to Jon Hay about why all investors need to be climate-aware. -
A pair of public sector borrowers were able to sell tightly priced euro deals on Tuesday, with another two trades likely to follow on Wednesday.
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A French agency is set to bring a euro benchmark in the shortest tenor seen since the end of the summer, while a Dutch agency is about to sell its longest dated syndication ever in the currency.
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A former Bank of America Merrill Lynch vice president has joined Nomura's MTN team.
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Brazilian cement company Votorantim Cimentos (VotoCim) began meeting fixed income investors on Thursday ahead of a potential bond issue that will be used to buy back one or two existing euro-denominated notes.
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The Republic of Argentina is set to continue its huge year of bond issuance with its first euro-denominated trade since its 2001 default. The announcement comes after the finance ministry said it would need to raise up to $15bn of international debt next year.
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A handful of deals could hit the euro market for public sector borrowers next week, with the seven year part of the curve looking particularly attractive — the latest evidence for which was a KfW trade this week.
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Worries over an upcoming Italian constitutional referendum have driven a wedge between Italy and Spain’s sovereign bond curve, which is at a level not seen since January 2015, according to Société Générale.
