Europe
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In an age of irony, financial markets are hitting their peak. Measures of volatility, across almost any asset suggest squeezed trading ranges and pricing exactitude just as the most volatile US president in living memory settles into his new job. Something has to give.
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The dollar bond market for public sector borrowers this week rounded off a spectacular January, with many bankers describing it as “perfect” and the best in five years. -
Despite months of grumbling about duration risk, corporate bond buyers are still taking down long dated euro offerings, with investors swelling the order books for a 10 year Deutsche Telekom trade this week. But some of the attention previously lavished on the long end is now benefiting crossover credits, writes Ross Lancaster.
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Euros in the public sector bond market have enjoyed an exceptional run throughout January, providing borrowers from all across the public sector with funding in a tremendous breadth of maturities.
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A much anticipated UK Supreme Court ruling that would decide whether the country’s parliament should vote on the invocation of Article 50 — officially starting the Brexit process — failed to stop the sovereign building a record syndication book on Tuesday.
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A combination of a slowdown in primary issuance and a tightening trend in secondary markets is expected to open the door to more deals from lower beta FIG issuers, after NIBC Bank and Deutsche Pfandbriefbank proved investors were keen to buy riskier credits this week.
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Agribusiness Kernel proved the right credit to bring Ukrainian corporates in from the bond market on Tuesday. After a rough ride of corporate restructurings, the inaugural issuer was able to garner the confidence and trust of investors to raise $500m.
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Electricité de France returned to the yen bond market in style last Friday, as it printed a four-tranche deal that included the longest ever Samurai note and the market’s first green bonds.
