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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
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Germany, France, the UK, Netherlands and Finland: these are supposedly the invulnerable ones. But with the eurozone crisis slowly abating — despite Italy’s best efforts to keep it going — what does the future hold for these safe havens? Chris Wright finds out if the golden era for core sovereigns has passed.
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The dollar market has been kind to sovereign, supranational and agency issuers of all classes in the first couple of months of 2013, providing a haven from the often volatile euro for European credits and tight asset swap valuations for those in Washington DC. Jo Richards looks at prospects for the SSAs for the rest of the year.
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Peripheral eurozone sovereigns have had a flying start to 2013. But as the poorly received Italian general election and growing public rejection of austerity show, plenty of risks remain — and investors have yet to test the European Central Bank’s claim to do “whatever it takes” to save the currency bloc. Craig McGlashan reports.
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Investors are sharpening their focus on niche currency markets as yields on euro and dollar denominated paper plummet. While Swiss investors face slim pickings on account of a punishing basis swap, investors in Europe and Asia are heading south to pick up high-yielding Kangaroo and Kauri paper. Nathan Collins reports.
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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.