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EM LatAm

CSN, Cemex catch LatAm HY momentum with tight deals

Brazilian steel producer CSN and Mexican building materials company Cemex continued a storming week for Latin American high yield issuance with new deals that attracted bumper orders and priced tight to bankers’ expectations — even if comparable deals were not always clear cut.

Oliver West, June 04, 2021
Corporate Bonds

Vodafone breaks silence in dollar mart anxious about Fed

Supply was light in the US corporate bond market this week, partly because the May non-farm payrolls report is due on Friday. Participants are braced for volatility after the US Federal Reserve announced on Wednesday it would start selling its holdings of corporate bonds, purchased as a stimulus measure at the height of the pandemic. It was left to Vodafone of the UK to reopen new issuance after the Memorial Day holiday.

David Rothnie, June 03, 2021
Africa

EM investors embrace pre-taper supply amid greater resilience

Emerging market borrowers are flocking to the primary bond markets as ever more participants predict the US Federal Reserve will begin tapering its monetary stimulus, something that traditionally rings loud alarm bells for the asset class.

Mariam Meskin, June 03, 2021
Sovereigns

New approach to deficits could spur sovereign green bond revolution

The sovereign green bond market could get a tremendous boost, economists believe, from the European Commission's changing attitudes to member states' fiscal deficits, writes Lewis McLellan.

Lewis McLellan, June 03, 2021
Senior Debt

Citi leads busy week as banks start summer party in dollars

Financial institutions returned to the dollar in their droves after the memorial Day holiday, with 12 borrowers cramming more than $15bn of issuance into three days this week.

David Rothnie, June 03, 2021
Leader

EU bank rules: more isn’t always merrier

European lawmakers are introducing new rules and restrictions for banks in areas where supervisors could be far more effective acting on a case-by-case basis.

Tyler Davies, June 03, 2021
Senior Debt

Investors push back as bank funding finds floor

Banks are asking whether funding conditions have reached a peak, as investors find more reason to balk at tight bond valuations. Deal arrangers argue markets will hold together, but the future could still hold higher new issue premiums and a more careful approach when it comes to trade selection.

Bill Thornhill, June 03, 2021
Investment Grade Loans

Banks draw ire as sustainability-linked loan given with zero KPIs

The ESG capital markets were left reeling on Thursday after a group of banks provided a £1.1bn-equivalent sustainability-linked facility that does not have any key performance indicators included — on the agreement that the borrower will add them within 12 months. Mike Turner reports.

Mike Turner, June 03, 2021
Supras and agencies

EU readies €800bn bond programme as ECB tapering looms

The European Commission unveiled the initial funding plan for its €800bn Next Generation EU (NGEU) programme this week. Issuance will begin sooner than expected, as suspicions mount that the ECB will start tapering purchases for its Pandemic Emergency Purchase Programme (Pepp) to fight rising inflation. Burhan Khadbai reports.

Burhan Khadbai, June 03, 2021
High grade and crossover bonds

Dirty companies pour into high grade ESG corporate market

Europe’s corporate bond market has seen an influx of ESG deals from highly polluting sectors, testing how much environmentally and socially conscious investors buy into firms' transition stories.

Mike Turner, June 03, 2021
CLOs

Record year predicted for CRE CLOs

The Covid-19 pandemic has battered commercial real estate (CRE), leaving cash-squeezed properties scrambling for finance. The crisis, though, has rejuvenated the CRE CLO market in the US, with non-bank lenders providing properties with large amounts of leverage, leading to expectations that this year will make the sector a mainstream asset class.

Paola Aurisicchio, June 03, 2021
Technology

Ediphy launches consolidated tape initiative

Ediphy, a fintech company launched by Chris Murphy, a former global head of fixed income sales and trading at UBS, is launching a prototype version of a consolidated tape, aggregating trade disclosures mandated by MiFID II.

Lewis McLellan, June 03, 2021

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