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IFC’s first synthetic securitization powers up EM trade finance

Deal liberates capital and tempts investors to take new frontier market risk

Burst of Nordic FIG senior issuance compensates for this year's lower euro volume

Deals price tightly to Western European peers, with high-spread Icelandic banks performing the most

ING goes green with 12NC7 tier two

◆ ING brings its first euro capital trade of 2026 ◆ Fair value debated ◆ ING's and Intesa's tier two deals were "not a competition"
Sub-sections
  • The coronavirus knows no borders — but the response is all about national power. The same will be true in markets.
  • Central banks across the world seem to be heading towards rate cuts, accelerated by the need to mitigate the economic effects of the Covid-19 outbreak. An unintended consequence of this is an increasing scarcity of attractive arbitrage funding opportunities for borrowers. This sort of funding, typically a perk of the best rated borrowers, will concentrate funding risk for them instead — ironically at a time when they should benefit from their safe haven status.
  • Equity capital markets bankers are preparing block trades for launch this week, following a big bounce in stocks on Monday. Banks are working hard to try to bring the transactions to the market while they can, in what they sense might be a short issuance window.