Europe
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One big crisis should be enough for anyone's career. But Sir Robert Stheeman, chief executive of the UK's Debt Management Office, has had to face two monumental financial catastrophes in the last 13 years — first the 2008 UK banking crisis and then last year's pandemic. -
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Turkey's international bond market access is once again in question. Rising US Treasury yields have put affordable dollar funding beyond the sovereign for now, bankers believe, undoing the good done by a move back to orthodox monetary policy late last year, after months of inflation and a plunging lira. A rate hike next week may help restore issuance prospects, writes Mariam Meskin.
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European banks will exercise extreme caution in dollars after an ill-fated senior deal from Swedbank this week. It could signal the end of a long run of ultra-easy borrowing conditions in US credit markets, with severe volatility stemming from fears of rising interest rates. Tyler Davies reports.
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Nobody could say ECB president Christine Lagarde did not deliver. The central bank promised on Thursday that the pace of buying for its Pandemic Emergency Purchase Programme would be “significantly increased” for the next quarter. Bond market participants were relieved, with one saying it has been “built on egg shells”, writes Lewis McLellan.
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Environmentalists were outraged on Thursday to learn from a leaked document that the European Commission is considering the option of including some gas power stations in its Taxonomy of Sustainable Economic Activities.
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A flurry of Swiss franc issuance dusted the market this week, as domestic and foreign borrowers entered a more settled market.
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The Russian IPO market has a strong pipeline of listings being prepared for execution over the rest of the year. However, getting deals done could grow much harder with the threat of fresh sanctions against the country from a new US president threatening to derail the market.
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The European Union finally arrived with its second Support to mitigate Unemployment Risks in an Emergency (SURE) transaction of the year on Tuesday, two weeks after it sent banks a request for proposals (RFP).
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NRW.Bank became the latest non-UK public sector borrower to hit the sterling market this week, taking advantage of the attractive funding cost in the currency versus euros and US dollars.
