Pre-migration untagged articles

Voracious appetite for corporate credit helped the European corporate bond market survive the 2007 credit crisis. 2008, however, will bring more uncertainty and market participants will worry about a spillover from the financial institutions sector and economic slowdown. Julie Miécamp reports.

It will not be easy to forget 2007 in the US high grade bond sector. The turmoil in the world’s financial markets during the previous six months means that last year is destined to be spoken of in the same hushed tones with which 1998, 1987 and even 1929 are recalled. Simon Boughey reports.

It was an astonishing year for Russian and CIS borrowers. From being the darlings of the new issue market, Kazakh banks fell spectacularly out of favour, and the shockwaves spread to the rest of the region. To get deals away in early 2008, borrowers will have to face the new market paradigms: swift execution and flexibility on pricing. Joanne O’connor reports.

After one of the toughest years that market participants can remember, the EuroMTN market faces another year of challenges in 2008. Matching issuers’ and investors’ expectations in a time of turbulence will be the key to success. Nick Jacob reports.

2007 marked the end of a golden era for financial institutions. The one time darlings of the capital markets turned into some of the most vilified institutions. In 2008 financial institutions must work hard to restore an investor confidence that has been shaken to the core. Hélène Durand reports.

The structured investment vehicle (SIV) sector as we know it is likely to breathe its last breath in 2008, writes Matthew Thomas. And while conditions are expected to improve for asset backed commercial paper (ABCP) conduits, there may be more pain in store before the market’s wounds start to heal.

2007’s winner of Best Lead Manager of CEEMEA Bonds, Deutsche Bank, was a bookrunner on almost $11bn of deals out of eastern Europe, the Middle East and Africa, and took an 8.4% market share — second in the league tables to Citigroup.

If you thought public sector issuers dined well in 2006, then 2007 was something of a feast for them — at least until November when Ekportfinans had to pull a deal amid awful conditions in the credit markets. Hélène Durand looks at whether 2008 will see the euro market recover its composure.

The subprime mortgage crisis hit structured credit very hard, but in this highly specialised field, deals are still being done. Some structures have fared well, and most market participants are highly adaptable. As Tessa Wilkie reports, synthetics will be in pole position in 2008, along with simpler cash structures.

Borrowers from eastern Europe faced a challenging year in the markets in 2007 and it was decisive execution and effort with investors that paid off. Joanne O’Connor reports.

As 2007 closed, the outlook for public sector issuers looking to raise funds in dollars looked bleak following a stellar first half. With a market all but shut due to collapsed yields and soaring volatility, market access in the next couple of months will be difficult, but the mood is still upbeat, says Hélène Durand.

The European high yield bond market had a rocky 2007. After a blistering start the market was stopped in its tracks by subprime woes. But at the start of 2008, bankers are quietly optimistic of a better year. Alistair Dawber reports.