Nomura

Hsin Chong Construction Group is meeting fixed income investors to gauge interest for what would be its second dollar bond.

As news of the UK and US investigation into SSA market trading practices broke, the SSA market split over whether the banks at the heart of the probe would lose primary business.

In the wake of the news that four traders at different banks were under investigation by US and UK authorities over possible sharing of client flow information, senior bankers were quick to blame the structures of the market, and pressure from issuers focused on turnover statistics, for making it possible.

Supranational and agency borrowers have long anticipated a wave of demand from American investors as US government sponsored enterprise issuance dwindles. But this week there were concrete signs that the dollar bond market has shaken off the problems that prevented the big switch. Craig McGlashan reports.

Public sector borrowers enjoyed a storming sterling market this week and, with many of the supporting factors still in place, SSA bankers are confident that more deals will follow.

Investigators are finally baring their teeth at the bond markets, after dozens of other post-crisis scandals, with a probe into the supranational and agency market that has engulfed four banks.

The Inter-American Development Bank raised $3bn on Thursday amid a buoyant dollar market for public sector borrowers at the start of 2016.

The sterling market enjoyed a second record breaking day in a row on Wednesday as FMS Wertmanagement printed its largest ever deal in the currency — and sterling investors were impatient for an upcoming World Bank deal.

The World Bank printed a five year Kangaroo note on Wednesday to kick off the Australian dollar market for the year, which could be set for a bumper couple of months.

Westpac NZ launched a sterling senior bond on Wednesday and Santander UK will soon follow with a debut holdco deal, as FIG's first signs of life in 2016 favour the UK market.

The European Investment Bank blew the doors off the sterling market with a record breaking deal on Tuesday, and two other issuers quickly followed.

The GlobalCapital editorial team has picked what it believes to be the standout bond issues of 2015 across the corporate, high yield, public sector, financial institution and emerging market bond markets. Below are the High Yield Deals of the Year 2015.