• Funding scorecard: Nordic agencies

    The first funding scorecard of 2018 looks at the funding programmes of Nordic agencies.

    • 19 Jan 2018
  • Smooth sailing for Philippines’ sovereign outing

    The Republic of the Philippines has wrapped up an SEC-registered transaction, raising $2bn from Asia’s first sovereign bond of the year, with $1.25bn going towards liability management. The new issuance made the country’s outstanding bonds look relatively attractive, said analysts.

    • 19 Jan 2018
  • Investor price discrimination is the thin edge of the tapering wedge

    Primary covered bond sales have gone smoothly so far this year, with borrowers continuing to pay negligible new issue premiums and still attracting comfortably oversubscribed order books. But look a little closer and its clear there’s been a perceptible change. Investors are fighting back, and beginning to get their way.

    • 18 Jan 2018
  • Rates markets start to rock from pricing pushback

    It’s hard to fault the support the euro market has offered rates borrowers in the past week. Executions have been smooth, books well-filled and new issue premiums skinny. But, with ever more hawkish signals from the European Central Bank and steepening yield curves, the future does not look so rosy for borrowers. The balance of pricing power seems likely to shift in favour of investors.

    • 18 Jan 2018
  • SSAs bask in ‘best ever’ start for sterling as records tumble

    Sterling conditions are searing hot for public sector borrowers, with records breaking left, right and centre. And despite investors taking large volumes out of the market, SSA bankers are confident that more supply can be handled.

    • 18 Jan 2018
  • Kommuninvest USD1bn 2.375% Apr 21

    • 18 Jan 2018
  • World Bank GBP1.25bn 1% Dec 22

    • 18 Jan 2018
  • EDC USD1.25bn 2.5% Jan 23

    • 18 Jan 2018
  • Sweden EUR4bn 0.125% Apr 23

    • 18 Jan 2018
  • Threes ‘good company’ in dollars

    The three year part of the dollar curve took centre stage for public sector issuers this week, having played second fiddle to fives so far this year. Issuers were met with just as strong a reception in the short end of the curve as they have enjoyed in fives so far — and SSA bankers believe some could be tempted to test the longer end.

    • 18 Jan 2018
  • MuniFin EUR500m 1.25% Feb 33

    • 18 Jan 2018
  • CEB EUR1bn 0.75% Jan 28

    • 18 Jan 2018
  • Dexia USD1.5bn 2.5% Jan 21

    • 18 Jan 2018
  • Belgium EUR5bn 0.8% Jun 28

    • 18 Jan 2018
  • KommuneKredit EUR1bn 0.5% Jan 25

    • 18 Jan 2018
  • EIB GBP1bn 0.875% Mar 21

    • 18 Jan 2018
  • Peso rally helps drive SSA issuance

    Strong moves in the Mexican peso and the peso/dollar basis swap have ignited investor demand for bonds in the currency from SSA issuers that can offer a pick-up over govvies.

    • 18 Jan 2018
  • DMOs reveal funding plans at Euromoney’s CEE Forum in Vienna

    Debt management officials met in Vienna this week at Euromoney’s annual Central & Eastern European Forum. After a record year for CEEMEA funding in 2017, 2018 has begun with equally supportive conditions, though CEE sovereigns will maintain a measured approach to borrowing this year. GlobalCapital presents a round-up of some of their funding plans for 2018.

    • 18 Jan 2018
  • Austria stands alone in super euro conditions

    Only a single issuer came to market in euros on Thursday. In what a banker away from the deal referred to as “good traffic control”, Austria had the market to itself for a €4bn 10 year.

    • 18 Jan 2018
  • IFC shows dollar threes ‘just as strong’ as rampant fives

    The International Finance Corporation on Thursday offered a solid helping of three year supply to a dollar market that has so far this year been dominated by five year issuance. The issuer was rewarded with a well oversubscribed book, with bankers away from the deal suggesting central banks would have played a large part.

    • 18 Jan 2018
  • Sustainable bond supply gives boost to Swedish krona market

    A growing enthusiasm behind sustainable debt issuance has been adding to supply volumes in Swedish krona market in 2018, with the European Investment Bank tapping a Climate Awareness Bond this week.

    • 18 Jan 2018
  • Barclays European govvie traders hired by hedge funds

    Two European government bond traders who resigned earlier this year from Barclays are heading to hedge funds.

    • 18 Jan 2018
  • Big name Barclays MDs at risk in investment bank cull

    Barclays rolled out sweeping cuts to its investment bank on Wednesday, with around 100 jobs gone across the business, including several managing directors in the EMEA primary bonds business.

    • 18 Jan 2018
  • Moody’s upgrades Mongolian sovereign rating

    Moody’s upgraded the government of Mongolia’s long-term issuer and senior unsecured ratings to B3 from Caa1 on Thursday.

    • 18 Jan 2018
  • India Exim kicks off roadshow for dollar bond

    Export-Import Bank of India has tapped five banks for a new dollar bond. Meetings with fixed income investors in Asia, Europe and the US kicked off on Thursday.

    • 18 Jan 2018
  • Philippines opens Asia sovereign issuance

    The Republic of the Philippines is marketing Asia’s first sovereign bond of the year, taking bids for a 10 year SEC-registered deal on Thursday.

    • 18 Jan 2018
  • Dollar SSAs enjoy big books and tightened pricing

    Dollar SSA deals are showing little signs of a hangover from a public holiday in the US on Monday, with all three of Wednesday’s trades well over subscribed and pricing inside guidance.

    • 17 Jan 2018
  • Aussie dollar market keeps on hopping

    There have been high levels of issuance in the long end of the Aussie dollar curve this week, with a trade from KfW on Wednesday taking advantage of an increase in demand.

    • 17 Jan 2018
  • World Bank record-breaker ‘dispels myth of shallow sterling mart’

    Big central bank and bank treasury demand, alongside good liquidity in the sterling/dollar cross currency basis swap and issuers’ willingness to print large deals, are driving the strongest ever start for the sterling SSA market — and a record trade for World Bank.

    • 17 Jan 2018
  • Council of Europe hits target as EFSF and Austria take aim

    The Council of Europe Development Bank (CEB) pulled off a strong first deal of the year, raising €1bn with what bankers said on the deal was only a 1bp new issue concession. More issuers are already lining up for euro deals.

    • 17 Jan 2018
  • SSA market blooms amid reflation and optimism

    The tone of the European Central Bank’s communiques is firmly hawkish, but investors are determined to pile money into the latest offerings from public sector borrowers.

    • 17 Jan 2018
  • World Bank lines up in hot sterling market

    The World Bank is set to become the latest public sector borrower to visit the sterling market, following the European Investment Bank’s £1bn trade on Tuesday.

    • 16 Jan 2018
  • Mexican peso market 'hotter than ever'

    SSA issuers are able to offer a pickup against Mexican government bonds for the first time "in memory", according to one head of local currency bonds.

    • 16 Jan 2018
  • Swap spread widening ‘will boost’ SSA dollar bunch

    A widening in dollar swap spreads since the end of last week should help support a trio of dollar deals on screens for Wednesday’s business, said SSA bankers.

    • 16 Jan 2018
  • New issue premiums shrink as run of big euro books extends

    Execution in the euro SSA market keeps getting better. New issue premiums are sliding as market participants adjust to new yield and spread levels, according to bankers and issuers.

    • 16 Jan 2018
  • DMO head switches to investment bank

    The head of one of Europe's highest profile sovereign debt management agencies has returned to the sell side to run his new firm's investment banking business in his home country.

    • 16 Jan 2018
  • EDC and Kommuninvest take aim at dollar fives

    Appetite for quality dollar issuance is strong as 10 year Treasury yields hover above 2.54%, prompting two borrowers to hit screens on Monday with dollar benchmarks.

    • 15 Jan 2018
  • Scorching euro conditions roll into week three

    The euro market, despite an increasingly hawkish central bank and strengthening euro, is proving immensely popular with borrowers. A pair of sovereigns hit screens on Monday for euro trades, as did two Nordic agencies.

    • 15 Jan 2018
  • BNG taps Japanese demand for Aussies

    Bank Nederlandse Gemeenten has tapped its July 2028 Australian dollar bond, taking advantage of strong demand from Japanese investors in the long end of the Kangaroo curve.

    • 15 Jan 2018
  • SSA funding officer switches to syndicate

    A senior funding officer at a European SSA has crossed the aisle to take up a syndicate position at an investment bank.

    • 15 Jan 2018
  • KfW USD5bn 2.375% Dec 22

    • 15 Jan 2018
  • Chao says ciao to Singapore as IFC replaces Powell

    The International Finance Corp has appointed a new head of funding, following the departure of Ben Powell last October.

    • 15 Jan 2018
  • Swedish report recommends cash for green bond issuers

    Green bond issuers could be encouraged with a payment from the government if the bond finances a reduction in carbon dioxide emissions, according to a report for the Swedish government this week.

    • 12 Jan 2018
  • BondMarker: first results of 2018

    Issuers printed a slew of benchmarks in dollars, euros and sterling last week as the SSA market roared into action. Read on to see whether the first deals of the year won favour with our voters.

    • 12 Jan 2018
  • AIIB hires ALM manager from OCBC

    Asian Infrastructure Investment Bank announced the latest catch in its hiring spree on Friday. Yunan Gao will join the supranational’s team in March.

    • 12 Jan 2018
  • China sticks with US Treasuries – for now

    The State Administration of Foreign Exchange (Safe) has poured cold water over claims that China may stop buying US Treasury bonds. But there is a need for the country to diversify its debt portfolio in the long run if it is serious about promoting RMB internationalisation, economists told GlobalRMB.

    • 12 Jan 2018
  • ADB USD3.75bn 2.125% Jan 21, ADB USD1.5bn 2.75% Jan 28

    • 11 Jan 2018
  • Green and social to drive revamped DZ Bank in DCM

    DZ Bank has overhauled its debt capital markets operation and plans to use its sustainable finance credentials to push for more international business, especially in SSAs and covered bonds.

    • 11 Jan 2018
  • EIB EUR2.5bn 1.5% Oct 48

    • 11 Jan 2018
  • KfW GBP1bn 1% Dec 22

    • 11 Jan 2018
  • IADB USD3.75bn 2.5% Jan 23

    • 11 Jan 2018
  • Italy EUR9bn 2.95% Sep 38

    • 11 Jan 2018
  • Portugal EUR4bn 2.125% Oct 28

    • 11 Jan 2018
  • KfW EUR5bn 0.625% Jan 28

    • 11 Jan 2018
  • A great week but caution needed

    Public sector borrowers have enjoyed the finest of weeks, printing across the euro and dollar curves, finding size in sterling and Australian dollars and enjoying reopened Canadian and New Zealand dollar markets.

    • 11 Jan 2018
  • EIB USD5bn 2.5% Mar 23

    • 11 Jan 2018
  • EFSF EUR6bn 0.4% Feb 25

    • 11 Jan 2018
  • Dexia EUR2bn 0.5% Jan 25

    • 11 Jan 2018
  • Swedish state green bond a ‘golden egg’, says minister

    Expectations that Sweden will issue a sovereign green bond have risen, as a government inquiry this week recommended the idea.

    • 11 Jan 2018
  • SSAs print chunky deals in superlative sterling mart

    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.

    • 11 Jan 2018
  • SSAs spoiled for choice as multiple currencies open up

    Public sector borrowers are finding funding conditions beyond their wildest dreams, with not just last year’s staples of dollars, euros, sterling and Australian dollars on offer across the curve but the Canadian and New Zealand currencies coming into play too.

    • 11 Jan 2018
  • Euro borrowers adjust to new levels with aplomb

    The euro market has, after a wobble in the first week, adjusted admirably to a new price level and got off to a spectacular start, providing record book sizes and smooth executions across the curve.

    • 11 Jan 2018
  • Italy, Portugal go large as Cannata bows out

    Italy and Portugal showed this week that any concerns about the pace of eurozone quantitative easing halving to €30bn from January were overdone as they each built their largest ever benchmark books. Italy’s trade was particularly notable, as it was the last syndication by its retiring head of funding — and market stalwart — Maria Cannata.

    • 11 Jan 2018
  • IBRD gets C$1bn for sustainable dev amid niche spree

    World Bank issued a rare benchmark Canadian dollar bond this week, raising C$1bn ($802m) with a sustainable development deal in a strong week for niche currency sales from SSA borrowers that also included several Australian and New Zealand dollar deals.

    • 11 Jan 2018
  • Turkey USD2bn 5.125% Feb 28

    • 11 Jan 2018
  • Sultanate of Oman triple tranche $1.25bn 4.125% Jan 23, $2.5bn 5.625% Jan 28, $2.75bn 6.75% Jan 48

    • 11 Jan 2018
  • Massive books in EM as Treasury blip fails to derail buy-side bid

    Several big name investors this week called the start of a bond bear market after a back-up in 10 year US Treasury yields but there was little sign of reticence from the emerging markets buy-side, with three sovereigns pulling in jumbo order books.

    • 11 Jan 2018
  • EIB pulls off bumper €2.5bn in 30 year Earn return

    The European Investment Bank put the strength of the appetite for duration in the euro market to the test on Thursday, becoming the first borrower of the year to attack the ultra long end of the curve.

    • 11 Jan 2018
  • IADB adds to already buoyant Kauri market

    The Inter-American Development Bank has joined the New Zealand dollar market by bringing a NZ$200m ($144.7m) 2023 clip on Thursday. It has been a very active week so far in Kauri bonds, with Asian Development Bank pricing a NZ$500m on Wednesday.

    • 11 Jan 2018
  • ADB, KfW bring full dollar curve as demand trumps politics

    Public sector issuers rounded out a superlative week for dollars with sparkling results across the curve on Thursday. Bankers are confident that issuers wishing to print in the coming weeks should find that investor demand outweighs any of the political concerns that brought volatility to rates over the last few days.

    • 11 Jan 2018
  • Oman locks in $6.5bn, trades up on break

    Strong demand enabled Oman to secure a larger than expected $6.5bn of funding on Wednesday, taking it a considerable way towards covering its Omr3bn ($7.8bn) deficit for 2018.

    • 11 Jan 2018
  • Israel takes whopping book

    Investors piled in excess of $12.5bn orders into a dual tranche dollar trade for Israel on Wednesday, the largest level of oversubscription the sovereign has ever experienced.

    • 11 Jan 2018
  • Macedonia books over €3.5bn as final terms set

    Macedonia has set final terms for its first international bond in over a year, with books for the deal hitting over €3.5bn

    • 11 Jan 2018
  • Agricole puts green banker in Asia

    Crédit Agricole has moved one of its sustainable banking specialists to Asia, hoping to capitalise on what it expects to be a growing market for green bonds.

    • 11 Jan 2018
  • EFSF snatches size crown as EIB winds up to go long

    The euro market is providing SSA borrowers with ever more impressive execution — the European Financial Stability Facility (EFSF) pulled off the largest supranational or agency deal of the year on Wednesday — but it faces a fresh challenge on Thursday: ultra long debt.

    • 10 Jan 2018
  • Periphery basks in scorching euro market

    A combined €48bn of cash swelled the orderbooks for Italy and Portugal’s deals on Wednesday, dispelling any fears that the reduction of the European Central Bank’s quantitative easing programme would hamper demand.

    • 10 Jan 2018
  • IADB in another dollar high five as ADB prepares long end test

    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.

    • 10 Jan 2018
  • Turkey grabs $2bn as US Treasury sell-off bites EM

    The Republic of Turkey sold a $2bn 10 year bond on Tuesday just as a sell-off in US Treasuries took hold, but it still managed to raise a book of $5.3bn for the deal.

    • 10 Jan 2018
  • SSA spreads wider but investors' confidence returns

    The start of the year has been beset by new regulation and a widening spread environment but, for issuers canny enough to navigate the new levels, investors are eager to put cash to work.

    • 10 Jan 2018
  • ADB’s Kauri more than doubles target

    The Asian Development Bank's minimum NZ$200m ($143.6m) five year Kauri bond has grown to NZ$500m, indicating strong demand in the mid-part of the New Zealand dollar curve.

    • 10 Jan 2018
  • Oman navigates choppier markets with triple tranche note

    Oman has hit the screens with a copycat trade of its 2017 triple tranche $5bn note, navigating a more volatile market than it may have hoped for after a back-up in US Treasuries on Tuesday.

    • 10 Jan 2018
  • Sovereigns poised to jump into action

    January’s impressive pipeline of sovereign issuance is starting to unload, as Italy and Portugal hit screens on Tuesday for their first syndications of the year.

    • 09 Jan 2018
  • KfW pulls in biggest ever book

    The euro market is providing borrowers with superb execution — KfW gathered its largest ever book for a 10 year on Tuesday — but investors are requiring healthy new issue concessions in order to commit.

    • 09 Jan 2018
  • EIB sets tone for SSA dollar rush with biggest book in years

    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.

    • 09 Jan 2018
  • Kommunalbanken taps Aussie mid-curve in bountiful market

    Kommunalbanken is tapping its April 2023 Kangaroo line, the first time it has accessed the Aussie mid-curve since September 2017, amid what bankers said were strong conditions for the currency.

    • 09 Jan 2018
  • Mexico returns to euros

    The United Mexican States has released price guidance on its first euro bond for over a year.

    • 09 Jan 2018
  • TSKB under scrutiny as sovereign arrives

    The Turkish sovereign has mandated three banks for its usual start of year dollar bond while Turkiye Sinai Kalkinma Bankasi released guidance for its note. But the latter drew criticism for going head to head with its sovereign.

    • 09 Jan 2018
  • Kuwait’s parliament approves 30 year debt

    Kuwait could become the latest Gulf Corporation Council sovereign to issue 30 year debt after its parliament approved a bill allowing the government to raise its borrowing ceiling to KD25bn ($83bn), and to issue international debt out to 30 years.

    • 09 Jan 2018
  • Regional Capital Markets Awards Part III: Bonds

    In the third instalment of our 2017 awards, we present the full write-ups of the winners of the Best Local Currency Bond, Best High Yield Bond, Best Financial Bond, Best SSA Bond, Best Investment Grade Bond, Best Project Finance Deal, Best Bond, Best G3 and Local Currency Bond House, and Best High Yield Bond House.

    • 09 Jan 2018
  • MTN banker Kleine heads to Credit Suisse

    GlobalCapital understands Stefan Kleine, formerly of BNP Paribas, will be joining Credit Suisse in a non-syndicate role.

    • 08 Jan 2018
  • EIB alone in dollars as AIIB mulls June debut

    The European Investment Bank is set to bring its first core currency trade of the year, after hiring banks on Monday for a March 2023 global dollar benchmark. Despite a strong start to the year for the currency last week, no other dollar deals from SSAs are on screen — but a new issuer could join in the next few months.

    • 08 Jan 2018
  • NIB aims for fives in busy start for sterling

    Nordic Investment Bank is looking to tap into what has been a bumper market for public sector sterling issuance in the early part of 2018, after hiring banks on Monday to run a December 2023 Reg S only benchmark.

    • 08 Jan 2018
  • KfW and Dexia kick off euros

    KfW and Dexia Crédit Local are first out the blocks in what looks set to be a busy euro market for public sector borrowers this week.

    • 08 Jan 2018
  • ADB's Kauri nearly double minimum target

    Asian Development Bank's minimum NZ$200m ($143.6m) five year Kauri bond has grown to NZ$350m, with books still open until Tuesday.

    • 08 Jan 2018
  • Sovereigns could star in growing Nordic green bond market

    Bankers expect further fast growth in Nordic green bond issuance in 2018, including a good chance of sovereign deals, with Sweden a leading candidate.

    • 05 Jan 2018
  • Angola commits to debt obligations, eyes liability management

    After spooking the market with allusions to debt ‘renegotations’ earlier this week, the Angolan Ministry of Finance has issued a statement saying it “stands behind all the debt obligations to its lenders.” It added that it will look to buy back its short term debts, while looking to obtain better terms on long term debts.

    • 05 Jan 2018
  • Macedonia looks for maturity extension in euros

    Republic of Macedonia has named three banks to arrange investor meetings for a combined buyback and new euro-denominated bond as the Southeast European sovereign looks to extend its maturity profile.

    • 05 Jan 2018
  • SSAs and sovereigns split on retail under new distribution rules

    As the first trades of the new year hit the screen this week, one new line stuck out in the deal announcements — a specification that the target market for the issue would only be eligible counterparties and professional clients, a piece of boilerplate to comply with the new MiFID II rules.

    • 04 Jan 2018
  • Sweden USD3bn 2.375% Feb 23

    • 04 Jan 2018
  • Kommunekredit USD1bn 2.25% Jan 21

    • 04 Jan 2018
  • EIB GBP1bn 0.875% Dec 23 tap

    • 04 Jan 2018
  • Kommunalbanken USD1.5bn 2.5% Jan 23

    • 04 Jan 2018
  • BNG EUR500m 0.75% Jan 28

    • 04 Jan 2018
  • ADB GBP400m 1% Dec 22

    • 04 Jan 2018
  • Ireland EUR4bn 0.9% May 28

    • 04 Jan 2018
  • MiFID maelstrom as banks squabble over bond fees

    Banks have been pushed by new regulation to reveal their new issue bond fees for the first time, potentially shaking up competition in European DCM. But confusion over the rules has meant no consensus on how to share the information, leaving underwriters and issuers alike to improvise in the first week of MiFID II.

    • 04 Jan 2018
  • QE stoppage fears wreak havoc on SSAs

    Public sector euro borrowers have made a mixed start to 2018. Ireland was able to pull off a spectacular €4bn 10 year, but BNG fell short with its own effort in the same tenor. A lack of certainty surrounding the future of quantitative easing caused volatility in the bond curve, which led borrowers a merry dance, writes Lewis McLellan.

    • 04 Jan 2018
  • Sweden scores in superb dollar market

    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.

    • 04 Jan 2018
  • ADB, EIB and FMS-W grab almost £2bn

    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.

    • 04 Jan 2018
  • Republic of Slovenia EUR1.5bn 1% March 28

    • 04 Jan 2018
  • EIB and Rentenbank make active start with green Aussie deals

    With a new climate awareness bond from the European Investment Bank and the announcements of green taps from EIB and Rentenbank, it was a busy week of sustainable bond issuance in the Australian dollar market.

    • 04 Jan 2018
  • Slovenia scores with lowest ever coupon

    The Republic of Slovenia brought forward a euro-denominated trade by as much as a week in order to take advantage of a strong issuance window, which enabled it to increase the size of its deal by €500m to €1.5bn, according to Marjan Divjak, director general of Slovenia’s debt management office.

    • 04 Jan 2018
  • BNG comes up short with disappointing first week deal

    Bank Nederlandse Gemeenten fell victim to a volatile Bund curve and crowded pipeline, falling short of its hopes with its first deal of the year.

    • 04 Jan 2018
  • ADB raises £400m in line with guidance

    Asia Development Bank rounded off a busy week of sterling issuance with a £400m December 2022 on Thursday, taking the week’s volume of sterling prints to just shy of £2bn.

    • 04 Jan 2018
  • Sweden scores biggest ever book in superb dollar market

    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.

    • 04 Jan 2018
  • Aussie dollar issuers hop into 2018

    It has been an active week for Australian dollars, with the Asian Development Bank and the Inter-American Development Bank both selling in the middle of the curve.

    • 04 Jan 2018
  • NatWest Markets scoops new names for push in SSAs

    NatWest Markets has added three new members to its SSA team in an attempt to “beef up” its capabilities in the sector, according to Rom Balax, head of SSA syndicate at the bank.

    • 04 Jan 2018
  • BondMarker: the best of 2017

    GlobalCapital looks at the most popular sovereign, supranational and agency deals of 2017 — as voted on BondMarker. Read on to see if one of your trades made the cut.

    • 04 Jan 2018
  • Israel chooses dollars for first trade of 2018

    Israel has returned to dollars for its first trade of 2018, picking leads for a dual tranche 10 and/or 30 year bond.

    • 04 Jan 2018
  • Confusion over Angola ‘restructuring’ but bilateral renegotiations expected

    Angola left emerging market fund managers confused on Wednesday, after announcing that it was looking to renegotiate the terms of its outstanding external debt. But while the news initially filled the buy-side with dread, analysts believe that the sovereign is referring to a renegotiation of its bilateral debt, though a Eurobond restructuring is still possible.

    • 04 Jan 2018
  • Slovenia scores with tightest ever spread

    Slovenia took full advantage of its early market move on Thursday to secure its tightest ever spread, and what it expects to be its lowest coupon, on a new euro-denominated note.

    • 04 Jan 2018
  • RBC Capital Markets Roundtable: Canada’s borrowers in good shape to take on tricky 2018

    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.

    • 03 Jan 2018
  • SSAs: Niche bond markets to offer a yield haven despite core hikes

    Niche currency bond markets in 2018 will offer borrowers not just a chance to find arbitrage funding — and investors some respite from the brutally low yields in core markets — but possibly a slightly easier regulatory regime than that applied to core currencies, writes William Chambers.

    • 03 Jan 2018
  • Swiss Franc Bond Market: Swiss spot windows for foreign borrowers in francs

    The Swiss franc bond market’s twin maladies of low interest rates and unattractive basis swap levels, which have hobbled foreign issuance since 2015, are showing signs of regression. Arbitrage windows will open this year as the market’s health improves, and financial institutions are best placed to exploit them. By Silas Brown

    • 03 Jan 2018
  • SSAs: Cheers as dollar curve opens and ECB keeps money tap on

    Supranational and agency borrowers enjoyed enviable conditions in the bond market last year, with European Central Bank quantitative easing creating long end funding opportunities and a deep dollar market providing some big deals in the short end. But central bank actions could mean the environment is even better in 2018, writes Craig McGlashan.

    • 03 Jan 2018
  • SSAs: Political risks linger, but the ECB trumps all — for now

    Thanks to quantitative easing, sovereign bond markets have been impervious to political volatility in recent years, getting through 2017’s shocks and surprises in serene style. But that could all be about to change as the European Central Bank starts to wind down its vast bond buying programme. Craig McGlashan reports.

    • 03 Jan 2018
  • LBBW SSA Roundtable: Can SSA market get any better for issuers after a stellar 2017?

    After a superlative funding year for eurozone public sector borrowers, thanks partly to the European Central Bank’s asset purchase programme, some of the region’s top issuers and investors discussed with GlobalCapital the outlook for 2018 — when the ECB will start halving its monthly purchases to €30bn.

    • 03 Jan 2018
  • Nordic SSAs kick off dollar mart supply

    The dollar market is poised to get off to a flying start to the year in the Nordic region, which hosts all three of this week's scheduled dollar borrowers.

    • 03 Jan 2018
  • Ireland smashes opening deal

    Ireland opened 2018 with a €4bn print deemed “spectacular” by a banker away from the deal, who said that it was priced flat to the sovereign’s curve.

    • 03 Jan 2018
  • EIB and FMS-W scoop up early sterling

    A pair of public sector borrowers blew away the cobwebs in the sterling market on Wednesday, printing a combined £1.5bn.

    • 03 Jan 2018
  • 2017 Bond Deals of the Year: Sovereigns, Supranational and Agencies

    After a year in which a myriad potential political risks failed to materialise and SSAs enjoyed extremely strong conditions, GlobalCapital used our editorial judgement, with inspiration from our world-famous Bond Comments and patented BondMarker app, to pick what we felt were the top trades of the year.

    • 03 Jan 2018
  • Oman makes early move to help fund $7.8bn deficit

    Oman became the first CEEMEA borrower to hit the screens this year with an official mandate. It has named five lead managers to arrange a triple tranche dollar bond as it looks to fund a Omr3bn ($7.8bn) budget deficit for 2018.

    • 03 Jan 2018
  • Strong start in SSAs but ECB eyes cutting off QE

    The SSA market is off to a typically fast start, with four deals in the market and more expected. However, a newly aggressive tone from members of the European Central Bank governing council could rock the boat.

    • 03 Jan 2018
  • ZKB opens Swiss market, BLKB jumps into its slipstream

    Zürcher Kantonalbank (ZKB), in accordance with recent tradition, was the first canton off the blocks, opening the Swiss market with a Sfr240m ($246m) 10 year bond on Wednesday. Basellandschaftliche Kantonalbank (BLKB) was quick to follow, printing a Sfr300m nine year bond an hour later. A lack of issuance at the tail end of 2017 has buoyed the market, leaving participants hopeful of additional cash to put to work in the new year.

    • 03 Jan 2018
  • Sovereigns should get off the crypto bandwagon

    The cryptocurrency boom has been mostly confined to the corporate world. But, some of the more forward-thinking countries are planning on getting into the digital currency game. They should know better.

    • 02 Jan 2018
  • Michele Montefiori leaves Eurofima

    Eurofima’s head of capital markets has left the organisation, according to two sources.

    • 02 Jan 2018
  • Active start for Aussie dollars

    Three issuers have been active in the Australian dollar market so far this week, including two borrowers targeting deals in socially responsible formats.

    • 02 Jan 2018
  • Ireland first out the gate in euros

    Ireland is set to become the first SSA borrower of 2018 to print a syndicated bond, picking banks for a benchmark deal to be sold on Wednesday. The German state of Lower Saxony will also come to market on Wednesday.

    • 02 Jan 2018
  • EIB readies big sterling note

    The European Investment Bank has hit screens to announce its first benchmark of 2018 — a £1bn sterling tap.

    • 02 Jan 2018
  • 2017 Bond Deals of the Year: Emerging Markets

    For CEEMEA bonds, 2017 was a record breaking year and one which pushed the boundaries of product, tenor, and issuer. The $200bn of bonds raised in CEEMEA, and the $140bn raised in Latin America are the highest annual volumes on record. Investors’ seemingly insatiable appetite for EM debt fuelled massive inflows into the asset class and kept the many idiosyncratic risk events – from Qatar’s regional isolation to deteriorating relations between Turkey and the US– contained. Picking out the deals of the year for 2017 was not easy for GlobalCapital’s editorial team, but after much deliberation the below were chosen.

    • 02 Jan 2018
  • France to set out 2018 green bond scope in coming weeks

    Agence France Trésor is about to finish deciding the scope of eligible green projects that could be funded by its green OAT issuance in 2018, and will announce this to the market by mid-January.

    • 02 Jan 2018

European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 4,822.01 5 13.56%
2 NatWest Markets 3,741.73 3 10.52%
3 Citi 3,544.03 6 9.97%
4 Goldman Sachs 3,231.80 5 9.09%
5 Barclays 2,461.72 2 6.92%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 8,145.87 7 13.09%
2 Citi 7,659.35 12 12.31%
3 Deutsche Bank 7,459.81 7 11.99%
4 Goldman Sachs 6,147.24 8 9.88%
5 JPMorgan 6,097.01 8 9.80%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Barclays 7,351.66 8 10.92%
2 JPMorgan 6,925.07 9 10.29%
3 Credit Agricole CIB 6,342.60 7 9.42%
4 Goldman Sachs 5,890.15 6 8.75%
5 Citi 5,011.57 14 7.45%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 15,413.64 38 9.65%
2 JPMorgan 14,557.48 43 9.12%
3 Goldman Sachs 12,082.56 15 7.57%
4 Deutsche Bank 11,377.72 21 7.13%
5 HSBC 10,585.95 16 6.63%