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Emirates Airlines took the export credit agency (ECA) sukuk guarantee for a successful test flight this week, delighting bankers hoping to make the product a regular occurrence. Steven Gilmore reports. -
Teva Pharmaceuticals priced its largest euro-denominated bond on Tuesday with a dual tranche eight and 12 year which came roughly flat to the dollar equivalent, according to bankers.
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IInvestors are shifting their trading strategies from options on indices to single name stocks and exchange-traded funds on the back of pessimism regarding first quarter earnings results.
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Recent weakness in secondary markets seeped into the primary space for senior this week, with Bank of America and Commerzbank printing small trades early in the week, though a mid-week recovery allowed Credit Suisse to print a chunky dual tranche deal.
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Top tier supranational and agency issuers are likely to focus on dollar deals in the coming weeks because of tricky pricing metrics in euros, according to SSA bankers.
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Lloyds saw strong demand from Asian and domestic accounts on Wednesday for its first public Australian dollar deal in three years and the first from its newly minted Kangaroo programme.
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It has been a big week for Saudi loans, with Saudi Aramco closing a $10bn revolver and Apicorp signing $950m worth of Shariah compliant loans.
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Volkswagen brightened up the lacklustre Swedish krona market on Monday with a two year floating rate note that was priced inside guidance.
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The UK government’s sale of Lloyds stock has passed another milestone, with the government’s stake falling through the 22% mark.
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With the first US rate rise in years drawing closer, it’s no surprise to see analysts and public officials singling EM out as the source of the next credit crisis. But a well-meaning warning without nuance can look a lot like scaremongering.
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For several years, US Federal Reserve chair Janet Yellen has insisted that there is a real difference between forecasts and insurance policies — between what we think will happen and the price we are willing to pay in case we're wrong. Many market participants have been unwilling or unable to accept that message.
