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Despite a glittering start to the year for all SSA borrowers, market volatility has meant that even KfW has had to time its deals carefully in 2013. Nathan Collins discovers how the German development agency has gone about raising its hefty borrowing requirement in a tricky market.

Abu Dhabi Commercial Bank returned to the public dollar bond market in style this year. Having started 2013 with a government loan still to pay off, it used a series of stellar transactions across currencies and asset classes to improve the cost, tenor and capital treatment of its funding. Steve Gilmore reports.

The Republic of Indonesia faces a challenging remainder of the year as it must borrow more from the international markets to fill a widening current account deficit at a time when tapering talk in the US and weakening fundamentals at home are making it more difficult to attract investors, writes Frances Yoon.

Supranational and agency borrowers are natural incubators for nascent bond markets. They have the resources, the mandate and the stability to do the heavy lifting when it comes to getting new products off the ground. As Ralph Sinclair discovers, what they do next in the socially responsible investment bond market will be critical in determining whether SRI bonds become a force for change in the world.

Akbank has spent this year pushing the boundaries of what is possible for Turkish issuers in the capital markets. It opened up the Eurolira market at the start of the year and then in the summer cut another 60bp off its loan pricing. Francesca Young finds out about Akbank’s plans in Eurolira and dollars, as well as its intention to enter the covered bond market and set up an MTN programme.

The SRI bond market has reached an inflection point. If the institutions and people that have nurtured its development can get it right over the next few months and years, then investment in sustainable, socially responsible projects could soar and finally enable the sector to shake off its tag as one that underperforms its less ethically selective rivals. EuroWeek assembled in London representatives from key institutions that have helped to forge the market and are at the forefront of driving its progress, to discuss the future for SRI markets, the challenges facing them, as well as their huge potential.

The much-anticipated launch of Europe’s permanent bail-out borrower, the European Stability Mechanism, is scheduled for October. Tessa Wilkie reports on how the issuer will establish its capital markets presence alongside sister supranational, the European Financial Stability Facility.

Bond market participants used to be able to set their watches by the International Finance Corporation’s issuance calendar when it came to benchmark funding. But with a larger funding need and in markets less certain, Ralph Sinclair discovers that the IFC has had to change its tactics.

At least €3tr of bonds in Europe are managed under SRI criteria, so this is no new or niche market. But so far, with a few exceptions, bond investors have not put issuers under pressure over ESG. For bond markets to be a stronger force for good, responsible asset managers need to up their game. They are steadily getting stronger and more vocal. As Jon Hay reports, the nascent green bond market could be the catalyst that starts this reaction.

The Republic of Italy has survived the dark days of 2011 and 2012 and come out the other side stronger, boosting its maturity profile with a pair of long dated benchmarks and even reaching the 50 year part of the curve with a private placement. Foreign investors have returned, while the eurozone’s improving economic fortunes are playing a big part in its syndication plans. Craig McGlashan reports.

While the burgeoning market for socially responsible bond issuance has been so far dominated by supranational borrowers, governments are well placed to step up. Tessa Wilkie reports.

The Export-Import Bank of Korea has been one of the few regular Asian issuers of international debt for many years. But 2013 saw it branching out into new markets tackling Swiss franc, euro and green bond deals. Ralph Sinclair finds out what is driving this expansionary behaviour.