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Rates and credit under pressure as battle to be UK prime minister looks set to heat up
World Bank breaks 10 year dollar records while IDA adds another point on euro curve
Breaking through US govvie ‘definitely something on the table’ as issuers test current limit for dollar deals
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Two SSA borrowers landed in the euro bond market on Wednesday while a third lined up business for next week. Issuers may still be achieving good results but bankers believe conditions are turning bad. -
BCS Global Markets, the investment services division of Russia’s largest independent broker, has hired a new treasurer.
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The debate over whether SSA borrowers should pay less in underwriting fees has split the market since the EU told banks it would pay less than the standard rate for its €800bn Next Gen EU bond programme. It is "the only topic" under discussion, one senior SSA banker told GlobalCapital this week. Is it fair to pay banks less when central banks underpin the market, or will issuers jeopardise their position long-term? Here, we present arguments for an against a shake-up of the way banks are paid.
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Some bankers believe that the EU’s decision to unveil a new grid of lower syndication fees was unnecessarily disruptive, and that, if too many other SSA issuers follow suit, it could put at risk the level of competition among dealers.
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The SSA syndication fee schedule is no longer fit for purpose, if it ever was. The EU has kick-started the debate, but the flaws in the business model go well beyond the issues the EU's fees grid has raised.
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Public sector borrowers should be careful what they wish for. Those looking to follow the European Union’s lead in lowering the underwriting fees they pay to banks could cause an unwelcome distortion to their market at a time when getting funding through the door with minimal drama is perhaps more crucial than ever.
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Sponsored by Islamic Development Bank (IsDB)
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