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◆ First of seven syndications breaks multiple records ◆ Investor engagement and communications helped stable execution ◆ Smaller programme this year but ‘still a lot’ to tackle
Busy and ‘euro-heavy’ week ahead but dollar pipeline also building with issuers set to bring forward bond plans
◆ Minimal premium paid ◆ Size at top of range ◆ Issuer seizes upon stability
◆ 'Cautious' start say some market participants ◆ New issue premium debated ◆ Price and size praised by rivals
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Commercial Bank of Qatar has become the first Qatari bank to mandate for a bond following the successful sovereign return in April, and much is riding on its success.
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Investors are confident Italian spreads will stabilise after the sovereign widened versus Germany over fears of a potential second general election of the year. There was some evidence of that on Wednesday morning as the country’s yields reversed some of their losses.
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The Dutch State Treasury Agency will clear its interest rate swaps at the clearing arm of German derivatives bourse Eurex, it was revealed on Tuesday.
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It might be easy to imagine that Japan’s top credits have an easy time accessing the international bond market. Compared to high yield or debut issuers, that may be so. But a strong rating and an important role in public policy bring with them certain responsibilities — not least of which is keeping funding costs down. The rise in dollar interest rates, and the volatility that is sure to result, thus represents a conundrum for these issuers. What is the right price for a dollar bond? What is the correct attitude to maturity adjustment? GlobalCapital asked these and other questions during a roundtable discussion that took place in Tokyo shortly before the end of the fiscal year on March 31, 2018.
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Japanese investors’ desperation to boost their yields is helping them shed an ultra-conservative image that has long defined them. The move is overdue but as more international borrowers turn to the yen markets for funding, the increasing flexibility of the buy-side is helping to usher in new structures and international standards. Rashmi Kumar reports.
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The UK Debt Management Office has announced the banks that will run the orderbooks for its first syndication of the new funding year.