| IFR

IFR Outlook for International DCM Roundtable 2015

IFR’s Outlook for International Debt Capital Markets Roundtable took place on November 5, so the comments that follow were current as of that date. The discussion focused on the multiple themes that surround the bond market at a difficult but fascinating time. At the time the roundtable took place, we were then as now waiting to see if the Fed proceeds with tightening moves and if the ECB continues with easy money.

To purchase printed copies or a PDF of this report, please email leonie.welss@lseg.com and shahid.hamid@lseg.com

IFR Outlook for International DCM Roundtable 2015: Participants

Ashish Dafria Ashish Dafria is global head of credit research at Aviva Investors and the global sector lead for TMT. Before joining Aviva, he was a director in UBS Investment Bank’s financial sponsors and TMT groups. Soren Willemann Søren Willemann is head of European credit strategy at Barclays, with a focus on macro credit strategy and credit derivatives. He joined the firm in January 2006. Fred Zorzi Frederic Zorzi is the global head of bond and loan syndicate within fixed-income at BNP Paribas in London, a role he has held since 2010. His...

IFR Outlook for International DCM Roundtable 2015: Part 1

IFR: Welcome to this IFR Roundtable on the Outlook for International Debt Capital Markets. Our discussion today is centred on what’s at play in the international bond market, from the perspective of both primary and secondary markets and how the tone of the market might be shifting with potential policy divergence between the ECB, Fed, and BoJ. We’ve seen a lot of volatility since the end of the summer, Is the market is at a pivot point where it ceases to be a sellers’ market and moves into a different part of the cycle? And what difference...

IFR Outlook for International DCM Roundtable 2015: Part 2

IFR: That IMF study did point to dramatic increases over 10 years in emerging market issuance in foreign currencies. And that there had been a big increase in the amount of that issuance coming through the bond market rather than the loan market. The big concern was about fund flow reversals out of foreign currency EM, which had the potential to jeopardise the budgets of high current account deficit countries in particular. So you think that that’s been overplayed? Soren Willemann, Barclays: At a macro level, we’re definitely concerned...

IFR Outlook for International DCM Roundtable 2015: Part 3

IFR: What do the issuers think about this shift in the market, Morven? I’m referring to the allocation process, the ever-bigger buy-side pools, and the move to buy-and-hold behaviour etc? Morven Jones, Nomura: Every issuer wants the best of all worlds. They want the best price, they want the right allocation and they want the deal to perform in the aftermarket. Getting all those things aligned is not always possible. Different issuers vary in the way they look at the market. Some are very focused on the distribution and the allocation; some...