Featured FIG
-
Issuers will need to offer more generous concessions as they return from blackout, despite a stellar start to the year in the primary market as investors recalibrate strategies in search of spread direction -
Riskier trades fly after JP Morgan stretches maturities beyond defensive short end
-
Strong support for national champions as market volatility persists
-
Issuers will need to move early and nimbly as credit and rates sentiment will be choppy
-
Firms turn to sterling and euros to take deals off the table and ease New Year funding pressure
-
Recent rate rises push high yield bank debt out of favour but open new opportunities for spread-based products
-
Real money funds come in to La Banque Postale's 3% deal
-
Core European investors flock to previously EM names
-
As good as it gets? Financial institutions are crowding into European capital markets to take advantage of ultra-low funding costs.
-
Investors are hungrier than ever for the asset class as markets move on from the coronavirus crisis
-
Other banks could be encouraged to follow the UK-based borrower in running tender exercises alongside new additional tier one issues
-
The European Central Bank’s Targeted Long Term Refinancing Operation may never disappear, but the central bank will find it difficult to maintain record-breaking interest rates on its loans as the economy recovers from the pandemic. As the terms of the liquidity scheme surely begin to tighten, issuers will have a greater incentive to repay TLTROs and switch to market funding.
