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EM sovereigns home and hosed for the holidays

Latin America

EM sovereigns home and hosed for the holidays

The coronavirus pandemic means many parts of the US are experiencing an unusual festive period. But emerging markets sovereigns broke another Thanksgiving tradition by flooding primary bond markets with new deals on what is usually a quiet week for new issues — even as levels of stress are rising sharply at the riskier end of the asset class. Oliver West and Mariam Meskin report.

  • Record borrowing but debt sustainability a distant concern for UK

    SSA

    Record borrowing but debt sustainability a distant concern for UK

    UK government borrowing is rocketing, with the country intending to borrow £485.5bn in its 2020/21 financial year. This has already pushed up its debt to GDP ratio over 100%, but the announcement of next quarter’s £92bn remit caused scarcely a ripple in the Gilts market on Wednesday. Market participants believe that any problems of debt sustainability or spiralling inflation are too distant a prospect to trouble them, writes Lewis McLellan.

  • Next year’s IPO market to offer greater diversity

    IPOs

    Next year’s IPO market to offer greater diversity

    Tech companies dominated the IPO market this year. But as the world starts to see an end to the coronavirus pandemic, signs are emerging that investors will be fed a far more balanced diet of companies looking to list, write Aidan Gregory and Sam Kerr.

  

  

People & Markets

  • Jumble of ESG standards groups begins to clear as two merge

    Jumble of ESG standards groups begins to clear as two merge

    The first move has been made to consolidate the alphabet soup of industry bodies that try to raise standards in corporate reporting on environmental, social and governance issues — an essential feedstock for responsible investing. More mergers are likely as the private sector races to strengthen its influence before regulators take control.

  • Enel seeks pivot in EU Green Deal aid

    Enel seeks pivot in EU Green Deal aid

    Enel is planning €10bn of extra renewable energy investment in Europe, as a result of the support it hopes to get from the European Union’s €750bn recovery fund. But it believes the EU should refine its aid to subsidise sustainable finance more directly.

  • Green experts hopeful on new UK infra bank

    Green experts hopeful on new UK infra bank

    A new UK national infrastructure bank, announced by the government on Wednesday, is set to be up and running quickly, although details remain thin on the ground. While framed around infrastructure, a big part of its mandate could relate to the country's net zero carbon plans.

  • Bots prepares 2021 launch for DCM platform

    Bots prepares 2021 launch for DCM platform

    Bond Origination Technologies (Bots), a new tech company that aims to automate pricing indications in the primary debt capital markets, has completed an initial fundraising round and formed an advisory board ahead of a launch next year. GlobalCapital spoke to the founders to find out more about the product.

  

Southpaw
by David Rothnie

Corporate Bonds

Emerging Markets

GlobalCapital China