Shape-shifting: The debt market is a singular animal: no matter what situation arises, it simply evolves in order to address it.
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European banks’ funding costs could rise, with new EU bank laws seemingly giving depositors preference over senior bondholders
Electronic platforms are queuing up to play their part in an anticipated revolution in corporate bond trading. But liquidity concerns might not be alleviated any time soon, as one newcomer collapsed just weeks into operation and buysiders are proving reluctant to shift from request-for-quote protocols.
Fixed income account managers find themselves faced with a conundrum: prevailing global interest rates are at historical lows and credit spreads painfully tight, so where do they go to pick up the kind of returns that form their targets?
Bankers hate the name, but they will not be arguing with the underwriting fees. The boom in so-called reverse Yankees has been a dominant feature of the European debt markets since the end of last year, and in the early part of 2015, it accelerated as some of the biggest corporates and financial institutions from the US arrived on European shores to lock in financing at record low rates.
The ECB’s long-awaited announcement in January that it would follow other central banks and commence its own quantitative easing programme caused yields on euro paper to nosedive. But like a thrill-seeker tied to a piece of elastic, the bounceback was equally dramatic
An M&A frenzy has propelled the US high-grade market to new highs in 2015. But a prolonged cycle of easy money for borrowers is drawing to a close
Global economic malaise means that EM corporate debt is looking at its weakest year since 2011. But refinancing pressure means that the pipeline needs to open soon