Europe
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Donald Trump maybe making the magic happen in equity markets, but for fixed income players the confusion over what direction his presidency will take is about as useful as a degree from Trump University. -
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Covered bond supply surged to its highest levels in seven months this week, as issuers scrambled to raise funding before the end of the year and costs soar even further.
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Market participants seemed sure of an early end to the corporate bond issuance calendar this week as they switched to a bearish outlook on conditions that are being knocked by rates volatility.
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Violent volatility as bond investors adapted to a new rates landscape following the election of Donald Trump as US president quelled demand for public sector paper this week, with one issuer understood to have opted against bringing a planned deal. There is hope that calm will return in time for the January funding rush — but some fear the president-elect represents a continuous risk to market harmony.
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Emerging market borrowers are facing higher borrowing costs as the end of the year approaches. A slim pipeline of deals is expected despite forecasts of muted demand and outflows from the asset class.
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The bounce in international equities since the election of Donald Trump as US president has led, as widely expected by market participants, to a wave of block trades this week, some of which were covered very quickly.
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In the past few months, the European Central Bank's policy of buying almost everything in sight has pushed investors to the very frontiers of the maturity spectrum in a desperate hunt for yield. But the game might be up.
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The Schuldschein market is finishing its busiest year ever with the foot on the gas, with more than 20 deals in the market at once. Investor demand is not expected to dip as a result of the scrum, but some deals may not see brimming levels of oversubscription, according to bankers.
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Financial markets have changed their whole investment mindset in the past seven days, as lightly as an actor changing clothes. Out has gone lower-for-longer pessimism and slavery to central banks; in has come a belief in growth and enthusiasm for higher rates and inflation, writes Jon Hay.
