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The Inter-American Development Bank (IADB) tapped the Indonesian rupiah market for its latest Covid-19 response bond this week, becoming the first SSA to print a response bond in an emerging market currency. -
German agency L-Bank steamed into the dim sum bond market on Tuesday to print what could be the start of a new flurry of offshore renminbi issuance.
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The MTN market is picking up as issuers (particularly corporates and SSAs) and investors find opportunities for attractive deals.
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Pockets of stability in the Swedish market drove demand across the curve this week, allowing investors the chance to pick up a handful of well-known SSA names at highly attractive levels.
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Despite the terrible effects of the coronavirus pandemic on capital markets, the MTN market is open and functioning.
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The commercial paper market is emerging as a source of stress as financial markets creak under the pressure of the coronavirus crisis. This happened in the 2007-9 financial crisis too, but this time the strains are different. Market participants want central banks to act.
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This week, it was the best of times, it was the worst of times – and despite volatility caused by the spread of the Covid-19, a trickle of MTN issuance has managed to slip through into the market.
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The recent fall in the price of oil is having a knock-on effect on non-core currency issuance. While oil dependent markets could take a hit as their currencies weaken, some net importers could benefit from a stronger currency and safe haven flows.
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A trio of South East Asian issuers have visited the Hong Kong dollar market in the last two weeks, as a move in the basis spurred demand. Among the issuers was Korea’s state-owned mining company Korea Resources Corporation (KORES), which made its debut in the currency and in the MTN format on Monday.
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Only a few issuers braved the MTN market in what was otherwise a week silenced by coronavirus volatility. With deals far and few between, bankers highlighted trades from Lufthansa and the Brussels Capital Region as market standouts.
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The European Primary Placement Facility (EPPF), an issuance-as-service platform, has signed up DZ Bank, allowing the German cooperative institution to offer market access to its 250 frequent issuer clients.
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MTN deal volumes year-to-date have slumped by nearly a third year on year, falling from $51.6bn in 2019 to $35bn this year. The fall has been particularly pronounced in core currency deals, with deals from other currencies forming a larger proportion of the market.
