Financing supranationals and agencies Adapting to the new investor landscape

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  • Supras and agencies enjoy most-favoured sector status

    A crisis in bank funding and capital propelled agencies and supranationals to the top of money market investors’ wishlists in 2011, allowing them to outpace financial institution issuance for the first time. These public sector issuers could consolidate their position — but only if the levels are right for investors. Craig McGlashan reports.

  • Rejuvenating the SSA business model

    At the end of 2011, the way banks raised money for supranationals and agencies looked like it was about to collapse. But just two LTROs and three month later, the market has regained some of its swagger. Ralph Sinclair asks if 2011’s fears were premature or if the market’s underlying problems are merely in abeyance.

  • Regions fight to be heard in new post-crisis funding era

    Sub-sovereigns have seen their funding programmes turned upside down by the financial crisis — to the detriment of many but the benefit of a few — amid shifting interplay between bank lenders and the capital markets on one hand and the domestic bid and international investors on the other. Lucy Fitzgeorge-Parker reports on the changing landscape and asks whether new models may take hold.

  • Non-core currencies ditch the niche tag

    Fears over the Eurozone sovereign crisis have prompted supranationals and agencies to sharpen their focus on non-core currencies. Amid peaking volatility, resilient markets such as Swiss francs and sterling have proved their worth, providing issuers with much needed — and liquid — alternatives. Stefania Palma reports.

  • Liquidity becoming a luxury amid barrage of regulation

    Banks and market makers trying to provide liquidity in primary and secondary markets are stuck between the rock of new regulation and a hard place of demanding investors and issuers. This tension may see the structure of bond markets change, writes Andrew Capon.

  • Issuer Data Explanation and Sponsor Disclaimer

    For the third edition of EuroWeek’s Financing Supranationals and Agencies report we have once again compiled key economic, financial and capital markets data for more than 100 of the largest, most active or widely held borrowers in the sector.

  • Eurozone supras breathing again after Q4 panic attack

    The second half of 2011 were grim times for the EIB, the EU and the EFSF — the financing pillars of the Eurozone. Markets were shut, 2012 funding programmes were in doubt and spreads had ballooned out. What a difference a few months (plus two LTROs and a Greek debt swap) make. Jo Richards asks if the good times are back for good.

  • EuroWeek SA Report March 2012 (full PDF download)

  • EuroWeek SA Report Data Section March 2012 (PDF download)

  • Europeans wrestle with the ‘E’ factor

    Supranational borrowers are a divided group. Those with a whiff of Europe about them have, rightly or wrongly, had a tough time reining in their spreads and convincing investors of their credit quality. Meanwhile, those free of the E-word have been having a whale of a time printing pretty much what they like at ever tighter spreads.

  • Eksportfinans shakes MTN market to its core

    MTNs have traditionally offered bespoke deals for investors while providing cheap funding for issuers. But after a turbulent end to 2011, and despite a robust start to 2012, Eunice Ng discovers that the MTN market for supranationals and agencies may not be quite the stable source of cheap funding that borrowers have come to know and love.

  • Ekportfinans reveals true cost of implicit guarantees

    With the Eurozone crisis unresolved and the memory of Eksportfinans’s overnight closure last November still raw, investors are scrutinising the strength of sovereign support as never before. Julian Lewis reports.

  • Dollar repair job almost complete

    For many supranationals and agencies the first quarter of 2012 was all about rebuilding their reputations in the dollar market after the sovereign debt crisis and the Eksportfinans debacle last year combined to shut them out. Philip Moore looks at how they have got on.

  • Crisis changes the game for agents of change

    In the past 20 years emerging markets have gone from a preoccupation with cheap financing to a fuller appreciation of the benefits afforded by a developed, open local currency market. Development banks have been instrumental in facilitating this change. But how has the financial crisis altered their strategies, and will they maintain the momentum to keep up the good work? Solomon Teague reports.

  • Buyers crave the personal touch

    Supranational and agency issuers, and their banks, have had their work cut out as crisis after crisis has stripped away investors’ faith in ratings — not to mention the idea of a risk-free asset class. Tessa Wilkie reports on how issuers are responding to more rigorous investor demands.

  • Borrowers crack code to post-crisis euro market

    The euro market has recovered from the dark days of late 2011 when it was shut to even the most admired issuers. Liquidity has returned, spreads have tightened and borrowers have rushed to get ahead of funding targets. But as Philip Moore reports, the recovery remains fragile and issuers are well advised to be pragmatic and grasp opportunities.

  • Agencies work harder to keep relationships sweet

    The agency sector has had a better start to the year than anyone dared imagine in the last quarter of 2011. Two rounds of European Central Bank long term refinancing operations have left the market awash with liquidity.

Publisher: Oliver Hawkins

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Commercial director of events: Daniel Elton

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Publisher, special projects: Ashley Hofmann

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