Top Section/Ad
Top Section/Ad
Most recent
An public sector issuer breaking a record with a deal this week became so common a claim it began to sound like, well, a broken record. But questions remain about how robust demand really is
Markets ‘not out of the woods yet’ as large sovereigns shorten execution process to de-risk issuance
Huge order book allowed the issuer to increase size of five year dollar trade
Issuer had already pre-funded in dollars earlier this year
More articles/Ad
More articles/Ad
More articles
-
As more and more borrowers line up to join the offshore renminbi market, Asian currencies look set to play an increasingly important role for SSA issuers in the year ahead. Jonathan Breen finds out which local currencies borrowers and bankers are placing their bets on. -
The eurozone economy is in a catatonic state, with falling growth and inflation expectations. But the oodles of liquidity in the system and an ever more dovish European Central Bank means the funding outlook is, on the face of it, strong for the currency bloc’s sovereign borrowers. However, an uncertain political environment, the risk of ECB measures backfiring and the reams of sovereign debt still held by domestic investors provide plenty of concern for 2015. Craig McGlashan reports.
-
Declining deficits and debt levels, driven by a renewed commitment to fiscal discipline, is leading to a reduction in the size of the funding programmes of Australia’s states. Growing scarcity value, twinned with very strong credit profiles, is likely to lead to a continued compression in the spreads between semis and commonwealth government securities (CGS). The opportunities that are arising as a result were discussed at the GlobalCapital Australian semi-governments roundtable.
-
An unexpected urgency is sweeping through the euro sovereign, supranational and agency market as borrowers shed their previous reluctance to frontload this year’s funding programmes and rush deals out. Although conditions are notably less benign than this time last year, issuers now fear them worsening later this month due to macro events in the eurozone.
-
KfW showed that pricing through mid-swaps is no obstacle at the start of 2015, as on Thursday it built a comfortably oversubscribed book on the first euro deal to come through swaps this year. The issuer plumped for a 10 year deal — an option also taken by Province of Quebec on Thursday and a tenor that many SSA officials think the European Financial Stability Facility will take next week.
-
Having expected to hold off for a week or two, some sovereign, supranational and agency borrowers are rethinking their plans and contemplating the possibility of bringing forward euro issuance plans to this week.
