RBC Capital Markets
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SSAs enjoyed a fine week in the sterling market, raising a total of nearly £2bn as bankers pointed to several factors that could be driving demand. -
Chinese conglomerate Tencent brought cheer to the dollar bond market on Thursday as it tapped pent-up demand with a four-part benchmark trade that amassed a $40bn order book.
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The Inter-American Development Bank provided further proof on Wednesday that there is deep demand at the five year part of the dollar curve — but another supranational is stepping up to test the long end of the currency for the first time this year.
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The European Investment Bank on Tuesday produced its largest dollar deal in nearly three years — and its biggest book in even longer — in what bankers said was a clear signal of the strength of demand in the currency. The Inter-American Development Bank is next up in dollars, and more supranationals could still enter the fray this week, with supply expected to keep at a rampant pace until mid-February.
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The dollar bond market has been thoroughly supportive of this week’s SSA borrowers, but none more so than Sweden, which pulled in its biggest order book ever for its first deal of 2018.
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The sterling market had a healthy opening week in the public sector with three deals raising a combined £1.9bn, and there is plenty more in the pipeline, according to syndicate bankers.
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The dollar market has been thoroughly supportive of this week’s SSA borrowers, but none more so than Sweden, which pulled in its biggest order book ever for its first deal of 2018.
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Canadian public sector issuers had a barnstorming year in the international debt markets in 2017, propelled by a strong economic performance by Canada and many of its provinces. But challenges loom — uncertainty over Canada’s trade relationship with the US, geopolitical instability and changing global monetary policy are just three of many concerns that borrowers, bankers and investors in Canada’s public sector bond markets will have to deal with this year. GlobalCapital met key market participants in Toronto in November to discuss the key issues.
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Banks and other financial firms operate in complex lattices of regulation. But for any firm based in the UK and operating internationally, Brexit means they have no idea what regulations will apply, come March 2019. They cannot afford to do nothing, yet do not know what to plan for. As Nigel Owen reports, the response has been to plan for every scenario, including relocation from London.
