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Meanwhile, Gulf borrowers head private as Iran war volatility keeps public flow thin
◆ Gulf issuers turn to private markets ◆ Public sector and corporate borrowers to bring forward plans ◆ Banks re-enter covered and unsecured funding markets
Easter holidays and Middle East volatility subdued regular private placement activity though Gulf states step up private funding
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Demand for SRI bonds and favourable basis swaps are boosting the Swedish krona market for SSAs, despite concerns late last year that the Swedish central bank’s tightening monetary policy and the krona’s appreciation against the dollar could stifle issuance. The European Investment Bank, Nordic Investment Bank and African Development Bank all came at the long end of the krona curve this week. -
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.
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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.
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GlobalCapital understands Stefan Kleine, formerly of BNP Paribas, will be joining Credit Suisse in a non-syndicate role.
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Cyril Romaphosa's victory in South Africa's African National Congress leader election on Monday sent the rand to its highest level against the dollar since June. The political shake-up could spark opportunities in the currency for borrowers, said bankers.
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Sales of private and structured MTNs have both fallen in 2017, with the private EMTN excluding self-led category down about 10% from a year ago.
