Pre-migration untagged articles

Borrowers in the SSA market seem to have become either very relaxed or very complacent over recent weeks. Benchmark markets are clearly open and fewer borrowers are ahead of schedule with their funding tasks in the way they were a couple of months ago. But most are happy to idle away the summer days printing the odd bit of reverse enquiry business here and there. One can only hope the rest of the year does not leave them rueing missed opportunities.

CDS: week’s biggest movers — Markit CDX North America investment grade index — Markit iTraxx Europe subordinated financials index — Markit iTraxx Europe senior financials index — Markit iTraxx SovX Western Europe index — Markit iTraxx Europe index — Markit iTraxx crossover index

The dollar bond market may have gone wobbly at the knees in May and June at the merest hint that Ben Bernanke had a backbone beneath his shirt – but no one could accuse it of idleness.

South Africa’s Eskom and First Bank of Nigeria are proving that the CEEMEA market is still open for business, even as August approaches. Electricity provider Eskom drew $4bn of orders for its $1bn 10 year and First Bank is hoping to close a tier two dollar bond on Wednesday afternoon.

Dealers of private EMTNs: Non-syndicated deals for <= €300m excluding financial repackaged SPVs, GSE issuers, self-led deals and issues with a term of < 365 days Dealers of private EMTNs including self-led: Non-syndicated deals for <= €300m excluding financial repackaged SPVs, GSE issuers and issues with a term of < 365 days Dealers of structured EMTNs excluding self-led: Structured, non-syndicated deals for <= €300m excluding financial repackaged SPVs, GSE issuers, puttable FRNs and issues with a term of < 365 days

RBC Capital Markets this week cut its eurozone government bond business and is set to re-allocate the capital used there into its remaining primary dealerships and supranational and agency bond operations. The move is a bold one, and could be a key test of the importance of primary dealerships in winning mandates in Europe.

European high yield issuers are churning out deals in the run-up to summer, making the most of a sharp revival in risk appetite since the wobbles of May and June. In many cases banks are eager to get deals done as they are refinancing loans they hold on balance sheet – in other cases the companies themselves are keen to use a favourable market and still low interest rates.

New Issues 1314

MTN Tables 1314

Dealogic league tables of bond transactions, June 19, 2013. Includes SSAs, FIG, investment grade and high-yield corporates, emerging markets and ABS.

Risk appetite is there in European corporate debt markets, and there is little sign of any enforced shutdown of issuance because of the approach of summer.

SSA borrowers lit up a small window of issuance this week, bringing well-received short-dated deals ahead of testimony to be given on Wednesday and Thursday by Federal Reserve chairman before the US's House Financial Services Committee and the Senate Banking committee, respectively.