Pre-migration untagged articles

City of Gothenburg is hoping that Swedish investors will begin to reference it over Swedish government bonds rather than domestic bank covered bonds as the municipality looks to focus on short to medium term MTNs this year and gain more advantageous pricing.

Dealers of private EMTNs: Non-syndicated deals for ≤ €300m excluding financial repackaged SPVs, GSE issuers, self-led deals and issues with a term of less than 365 days

Investors spent the first quarter of this year merrily slurping up large commercial paper trades from the Kingdom of Sweden. But the party could be about to stop as the borrower is now close to its target outstanding for the year.

The European Central Bank this week sent a clear message to anyone thinking of shorting Spanish government bonds to think again, as it reminded investors that it had a bond purchasing programme and was not afraid to use it.

Renewed concerns about economic growth in peripheral Europe, particularly Spain, are frustrating attempts to revive FIG benchmark issuance this week. But activity continued in the MTN market — even for peripheral names.

Emerging market borrowers are forging ahead with bond issues, despite continued weakness in the wider market. Russian corporate issuers Raspadskaya and Evraz are planning deals for the next fortnight and the Republic of Croatia will start its roadshow at the end of this week.

Are syndicated loans still a viable option for EMEA companies seeking affordable funding at prices in line with the capital markets? If you are a name like Siemens, which has just completed a €4bn five year plus one plus one revolver at a margin of just 30bp, the answer is a resounding yes.

There is no doubt that a lot of SSA bankers will have finished the first quarter barely able to conceal a grin about how unexpectedly well the market has functioned this year. It would be hard for some not to anticipate a similar pace of issuance if not spread tightening for the next three months but that does not mean bankers and issuers can afford to put their feet up for just yet.

Sovereign, supranational and agency issuers offering so much as a yield even close to 0% in Swiss francs can expect a high level of demand amid widespread negative absolute yields in the currency, say dealers, and this week L-Bank showed just that.

Dealers of private EMTNs: Non-syndicated deals for ≤ €300m excluding financial repackaged SPVs, GSE issuers, self-led deals and issues with a term of less than 365 days