North America
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That US president Donald Trump’s administration should pick a fight with the World Bank — and the bevy of other multilateral development banks the US owns shares in — is no surprise. -
Investors flocked to Nordic and Canadian covered bonds issued this week by DNB Boligkreditt, Bank of Nova Scotia (BNS) and National Bank of Canada, perhaps reflecting a view that their spreads are well positioned to withstand the European Central Bank’s withdrawal from covered bond market.
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Cultured, guitar-playing capital markets banker who was widely seen as the best SSA originator in the business died on December 26. He was 48 and had been suffering from cancer.
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There has been precious little cheer in the dollar market but Anheuser Busch Inbev (AB InBev) provided some on Thursday when it printed the biggest corporate investment grade trade since October amid signs of improving sentiment.
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After waiting nearly a month, US engineering firm Emerson Electric on Tuesday landed the dual tranche deal it roadshowed in December. The €1bn dual tranche offering was a good deal in its own right, but could also herald the return of the Reverse Yankee market in 2019.
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The surprise decision by Jim Yong Kim to quit as president of the World Bank and join a private fund has triggered a race for the top job in development finance, at a time when the US, the Bank's largest shareholder, is hostile to multilateralism. By Phil Thornton
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Research by a US thinktank shows that the World Bank will have to carry out major reform of its lending to China to meet US-driven goals to focus loans on projects with benefits outside wealthy provinces. By Phil Thornton
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Danske Bank is waiting until activist investor Bill Browder gives a press conference before deciding whether to proceed with the sale of a senior non-preferred bond. News of the conference derailed the deal on Wednesday, after final terms and a $3bn size had already been set.
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Appetite for eurozone sovereigns is showing no signs of slowing down after Ireland and Portugal joined Belgium this week in scoring their largest ever syndication order books. Several other borrowers sold euro trades on Wednesday, with more supply expected this week as the pipeline has “accelerated” ahead of next week’s parliamentary vote on the UK’s Brexit deal.
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After a run of triple-B rated corporate bond issuance, A-rated names have returned to the market and paid lower premiums than the higher beta issuers had, but 10.75 years remains the longest tenor to date.
