The MTN market is expecting a pick up in issuance in the second half of 2017, after a sluggish start to the year, as many public sector issuers race through their programmes via the public markets in the first few months.
French issuers are still cautious about taking part in the private placement market despite centrist candidate Emmanuel Macron's topping of the first round of voting in the French presidential election on Sunday.
A surge in demand for Russian rouble paper could have been brought to a premature end by a US missile attack on Syria on April 7, but market participants are confident that issuance will continue.
The direction of the European Central Bank’s monetary policy is still keeping investors awake at night, as an announcement on Thursday by the bank’s president did little to avert concerns about rate hikes at the short end.
Eurofima sold its first socially responsible investment (SRI) note on March 30, raising $100m with a 10 year MTN. Michele Montefiori, head of capital markets at Eurofima, is keen to follow up with a green bond.
US money market fund investors are applying a more bullish approach, with $20bn of cash returning into prime and alternative money funds from government funds since November 2016, according to Fitch.
The SSA market is “breathing a sigh of relief”, according to one SSA syndicate banker, as this week's hotly anticipated Netherlands election produced the result capital markets bankers were hoping for.