Issues

Buoyant share prices and high rates ought to be the perfect cocktail for CB issuance

Commodity firm gets oversubscription on SLLs, $700m increase and new lenders

Core and semi-core eurozone issuers are spying a chance to push ahead with funding after low volumes in September and October

Investors expect to turn screws on anyone left to issue as sovereign yields rise

War in Middle East and volatile rates have made issuing difficult, if not impossible

◆ Scottish government puzzles bond market with debt plan ◆ Saudi sov wealth fund makes sukuk debut as crisis in Middle East deepens ◆ Supranational hybrids and other highlights from the IMF/World Bank Annual Meetings in Marrakech

Picking the right currency and tenor for a new bond has never been more important for Japan’s SSA issuers, which saw dollar funding costs rise over the past year, pushing them to venture into euros and shake up their currency and maturity mix. Market conditions in this financial year have improved, but funding officials are constantly on the lookout for upheavals that may disrupt their access to capital markets. GlobalCapital sat down with some of Japan’s leading state-backed issuers to discuss their funding plans, the challenges they face, and how to navigate volatile markets.

Yen bond issuance from non-Japanese borrowers has had a big revival this year amid a tough global funding environment, proving yet again the market’s resilience, appeal and importance to treasury officials focused on diversification. Rashmi Kumar reports

Hybrid capital is worth having, even at a disappointing price

A backlog of deals is building and a further repricing is likely

Shunned sectors becoming more palatable, but some buyers still give cyclicals a wide berth

US banks may find a willing audience in euros but that will add to complications for European issuers as they look to start early on 2024 funding