Strength and depth: Few would claim that conditions in the capital markets could currently be described as normal. Nor that they have they been so for a while now, given the various stimulus programmes that have been enacted around the world in an effort encourage growth in the face of economies flirting with stagnation.
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The IFR Top 250 Borrowers ranking includes all eligible Thomson Reuters league table borrowings in syndicated loans, international bonds, equity-linked bonds and securitisations from May 1 2015 to April 30 2016.
US corporates are issuing more investment-grade debt than ever. But will new tax inversion laws crimp issuance?
It has been a struggle to get leveraged loan transactions over the finishing line this year. Market volatility, fewer acquisitions and competitive financing alternatives have either teased funding away from loans or discouraged deals completely. Bankers expect that deal flow will return, but volumes are unlikely to catch up with levels seen in recent years.
The Middle East had a barnstorming second quarter, printing US$21bn of debt in April and May, but this is just the beginning and bankers warn investors’ capacity for Gulf risk could be tested to breaking point.
Such was the speed of China’s market development that there are now sometimes frustrations when the implementation of much-needed reforms does not match expectations.
Despite having to overcome a myriad of hurdles in the recent past, things are now looking brighter for Latin American debt markets.
The equity-linked market has shaken off years in the doldrums by reinventing itself. With too few investment-grade companies interested in issuing equity, a new structure offers all the benefits of convertibles with no dilution. And companies are queuing up to take advantage.
Primary Debt Market Conclave On the occasion of the International Capital Market Association’s Annual General Meeting and Conference in Dublin in May 2016, IFR convened members of ICMA’s Primary Market Practices Committee to discuss some of the key issues facing the debt syndicate and capital markets communities in the midst of regulatory upheaval and amid a volatile and extraordinary set of market circumstances. We dubbed the event IFR’s Primary Debt Market Conclave, to convey its flavour as a closed-session thought-leadership event. Martin...
HSBC goes on funding spree ahead of new regulation.
Investors’ enthusiasm for Argentina’s turnaround story remains high but many are taking stock as they wait for the new government to deliver on growth.
Momentous and monumental M&A issuance soothes nerves in uncertain environment.
Indonesia has been a staple provider of debt from a sector which suffers from chronic undersupply – Asian offshore sovereign debt – and has earned a reputation as a savvy market reader. As the nation’s budget deficit increases, expect it to appear more regularly with similar deals to its recent chunky euro foray.
Investors are casting a sceptical but fresh eye over Brazilian oil company Petrobras amid hopes a new CEO can finally steer the debt-laden credit towards a more sustainable business model.
In its quest to become the second largest cable provider in the United States by taking over larger Time Warner Cable, Charter Communications faced an uphill battle.
In the aftermath of the emissions scandal, Volkswagen has turned to the Asian markets and taken asset-backed securities to heart.
Dell displayed deft timing on its financing initiatives, underpinned in no small measure by investors with an eye for a bargain.
A mixture of opportunism and good fortune has meant Italy has gone some way towards organising its finances in a market heavily influenced by the ECB’s QE programme.