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◆ 'Accelerated execution' due to market uncertainty ◆ Popular deal spotted close to fair value ◆ Momentum accounts 'less active'
Primary market for public sector unlikely to see large transactions until after Easter, reckon bankers
Market participants pray for no negative news overnight in hope of ‘pre-Easter wave of issuance’
Two day executions expose dollar issuers to market volatility
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European agencies are enjoying new funding avenues, with more issuers planning to enter the green bond market this year while others are seeking to boost the nascent social bond market. Such diversity in sources is taking pain from other areas, however, with arbitrage opportunities limited in emerging market currencies. -
Thanks to negative yields in euros, the level of demand for new issuance at the shorter end of the SSA market in dollars has shocked even the most prolific borrowers. It’s not just been at the short end either — the World Bank and KfW generated a combined $14bn for their $5bn trades in May — prompting some to remark how mature the dollar market has become. Philip Moore reports.
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Supranational issuers have left a difficult start to the year firmly behind them, with funding opportunities now available in a range of tenors and currencies. A more benign interest rate outlook in the US compared with the start of the year, along with increased interest from the enormous US investor base, are opening up avenues in dollars. In euros, despite record low and in many cases negative yields, funding opportunities exist across much of the curve.
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Volatility and changing demand have forced issuers to change their style of issuance in the Kangaroo market, printing smaller deals to demand rather than benchmarks. But the market has not stopped providing valuable opportunities for duration and arbitrage. By Lewis McLellan.
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The mood across most of investment banking in the current climate is gloomy, but among primary dealerships it is especially miserable. Owen Sanderson looks at a model under pressure.
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The world of private placements is developing and SSA issuers are having to adapt to the new conditions to continue to find funds outside the public markets. Lewis McLellan reports.
