North America
-
-
Citigroup’s first green bond issue has been a long time in coming, but the issuer was elated with the result of the €1bn deal on Wednesday, which was sold into a bond market where investors had slammed the risk pedal to the metal. -
Sterling issuance from non-UK SSAs kept up its record start to the year this week, as UK bank treasuries are searching for safe places to put sterling, afraid the country will leave the EU without an exit deal.
-
The Sofr-linked bond market in dollars is lagging behind the progress being made in Sonia-linked sterling, SSA bankers warned this week, with some issuers waiting to see which Sofr model becomes accepted practice.
-
The socially responsible investment market in SSAs is picking up pace in 2019, with a supranational bringing a deal in a debut format and other issuers preparing inaugural trades.
-
Fearful of missing out and in the absence of competing credit supply, investors piled into higher yielding covered bonds offered by Canadian, Australian and Swedish issuers this week. A negative new issue premium Royal Bank of Canada’s five year epitomised the state of investor frenzy.
-
US and regional banks took advantage of strong market conditions this week, but could not stop high-grade dollar FIG supply enduring its worst start to a year since 2016.
-
High grade corporates are champing at the bit to access the dollar market as credit spreads continue to rally and investors continue to put money to work.
-
IBM returned to the euro corporate bond market for the first time since 2017 on Thursday, to sell its largest ever deal in the euro market and to push into a maturity not seen from a corporate issuer so far in 2019.
-
Regardless of when the US government shutdown ends, it will likely have wrought chaos on this year’s IPO market. Staff at the US Securities and Exchange Commission (SEC) have already been locked out of their offices for more than 34 days, frustrating a multitude of issuers that are waiting for the regulator to comment on their registration documentation. Sam Kerr reports.
-
The volume of corporate bonds with triple-B ratings, and vulnerable to downgrades into high yield, is at its highest in history. But while the US market fears the prospect of fallen angels, Europe appears to see advantages.
-
The prolonged US government shutdown has kept workers in the Securities and Exchange Commission (SEC) away from their desks for over 30 days frustrating a multitude of IPOs waiting for the regulator to comment on their registration documentation.
