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◆ Spread to Land Hessen key to pricing ◆ Leads thought long and hard on whether to tighten ◆ 1bp move the right amount as book grew
◆ Three German states brought a new Joint Länder bond ◆ No book update, KfW curve guides pricing ◆ Flemish Community prints new 15 year
Second digital project won’t be the issuer’s last, Länder peers may be ‘interested and willing’ to join in
◆ Half-year close keeps some issuers on sidelines ◆ Bankers expect big euro supply to come ◆ More concession on pricing could be required
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With the resumption of the ECB’s quantitative easing programme, any hopes of a normalisation of European monetary policy receded further into the distance. With “lower for longer” firmly established as the consensus call, SSA borrowers and investors will have to settle in and learn to love the world they inhabit
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The mighty dollar has lost its position as the default borrowing currency of the SSA market, and with a presidential election in 2020, that is unlikely to be reversed next year. However, that doesn’t mean that SSA borrowers can ignore it. Lewis McLellan reports
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Specialisation could define MTNs in 2020 as the market looks to differentiate itself from public markets where borrowers are easily executing large, cheap, liquid benchmarks. MTN dealers’ change of focus is shaking up the league tables. Frank Jackman reports
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US rate cuts were, admittedly, the driver behind the Latin American international bond market’s return to form in 2019. Although regional growth remains disappointing, there are encouraging technical and fundamental signs to be found
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Markets go into 2020 fretting about a global recession and an escalation of tradetensions between the US and China, according to 25 heads of debt capital markets in the EMEA market, in Toby Fildes’ annual outlook survey. Respondents are mildly pessimistic on spreads and fees in the primary markets as well. But on the plus side, bankers are feeling hopeful about sustainability-themed bonds and almost unanimously believe issuance will top $270bn. -
Equities are at record highs, rates at record lows; the US is quarrelling, China is slowing. As 2020 begins, participants are divided on which way markets will move. Toby Fildes picks 10 themes
