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'Records broken left, right and centre' as redemption money and pent-up demand flood new issues market
◆ NRW tests 30 year demand ◆ both real and fast money feast duration ◆ ADB adds euro to funding mix in active 2026 start
◆ KBN and Quebec among SSA issuers paying no NIP in dollars ◆ Quebec faces 'difficult allocation' after mega demand ◆ CEB also in five year dollars
◆ ‘Very rare’ large book for a German sub-sovereign ◆ ‘New year, new levels’ in price discovery ◆ Tuesday’s focus on dollars, but ‘big’ euro mandates expected Wednesday
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Privately placed euro medium term notes from SSAs are down on last year amid buoyant demand for public deals. But there are still opportunities in an evolving market, as investors and issuers remain flexible, new names launch programmes and traditional euro commercial paper buyers pick up longer dated EMTNs, reports Craig McGlashan.
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Latin American development bank Corporación Andina de Fomento (CAF) is an old hand in emerging capital markets, having just completed its 100th bond issue. But with a new clean sweep of double-A ratings, the supranational is challenging itself to find a new investor base. CFO Hugo Sarmiento tells Olly West about its funding plans.
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If any set of borrowers has an access all areas pass to the capital markets party, it is Germany’s public sector credits. The Bund remains Europe’s de facto benchmark security and, along with the agencies that the federal republic also guarantees, is enjoying a period of sustained low yields and tight spreads. None of that looks set to change as the number of triple-A ratings around the globe dwindles. But that is not to say that German public sector funding officials can put their feet up and watch the cash roll in. KfW continues to help develop new markets, such as the offshore renminbi market, while the German Finance Agency has a new head, Tammo Diemer, who is taking over at a time when German finances are at the heart of Europe’s economic health. Diemer and KfW’s Frank Czichowski, along with senior capital markets bankers, joined EuroWeek in mid-March to discuss the German public sector bond markets.
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While the European Central Bank’s willingness to backstop eurozone sovereigns has calmed the common currency crisis, few would claim that it has solved it. Many investors and analysts remain sceptical over the adequacy of measures taken and the depth of commitment behind them, reports Julian Lewis.
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Supranational borrowers cannot ever have had it so good as over the last couple of years. Blessed with credit quality as rock-solid as it gets in the middle of a prolonged flight to quality, this group of borrowers has been able to take advantage of a strong bid not just in core currency markets but also in local currencies as a rush for yield has sent investors scrambling every which way to try and earn a return.
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The landscape of the SSA market has changed immeasurably for dealers since the beginning of the global financial crisis in 2008. When UBS bowed out in 2012 blaming low returns, it signalled both a period of opportunity and of heightened risk for those dealers that remained. Ralph Sinclair reports.