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Deal liberates capital and tempts investors to take new frontier market risk
◆ First dollar benchmark from World Bank since October 2025 ◆ 'Remarkable' size and spread achieved ◆ IDA jumps through hoops to issue SEC exempt deal
◆ CEB lands tight to Treasuries ◆ 4% coupon lures some buyers ◆ Cades orders above $13bn
◆ Issuer sets 'interesting benchmark' for peers ◆ New issue premium estimated ◆ EIB dollar FRN 'very impressive'
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Participants at a Transparency Task Force symposium on Monday told representatives of three UK financial regulators they welcomed their efforts to step up oversight of the financial system’s response to climate change — but they called for regulators to be more ambitious, as scientists say the world has 12 years left to get global warming under control. -
Synthetic risk transfer markets have had another good year, with the core group of banks active in the market returning to issue, smaller firms mulling the market, and investors raising new cash to buy deals. But perhaps most exciting is the development of a whole new issuer base, in the shape of multilateral development banks, following the landmark ‘Room2Run’ deal between the African Development Bank and Mariner Investment Group.
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As central banks retreat from public markets, spreads are widening in dollars and euros, and cross-currency basis swaps are improving for international borrowers, Swiss bankers believe the good times might be returning to a market once known the world over for diversification and arbitrage.
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After back to back record years for non-UK sterling SSA supply, the 2019 outlook is obscured by thick Brexit fog. Nevertheless, public sector borrowers have a host of non-core currency options to tap as currency diversification becomes increasingly important.
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SSA euro issuance outstripped dollars this year, thanks to strong conditions in the first half and the vagaries of the basis swap. But the end of eurozone quantitative easing and political strife made it a trickier place later in 2018 — and those elements are unlikely to disappear in 2019.
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Public sector agencies from the Nordic region are adapting to S&P Global Ratings’ overhaul of its rating methodology. So far, only KommuneKredit has been downgraded under the new rating criteria, but others could suffer similar fates.
