IFR Special Reports

IFR DCM Report 2012

It has not always been easy, but the global debt capital markets have grown year-on-year by 4% to US$4.2trn in the first nine months of 2012. Access is a long way from comprehensive, but central bank presidents’ comments – well, one in particular – have helped to open markets further. To view the digital version of this report, please click...Read more

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Stories in Special Report

Filling the gaps

The European debt capital market has been growing to fill vacuums as markets around it shrink. With European bond issuance overtaking loan volume for the first time this year, has the loan market outlived its usefulness?

Bond and a hard place

Investment-grade corporate issuance has rarely been in such demand, especially when it is so plentiful. Syndicate desks now face the challenging task of balancing the needs of investors and issuers when bulging books of demand see corporates pushing to achieve record terms.

The Spain effect

With parts of Europe gradually recovering from the depths of economic turmoil, the face of high yield could be on the verge of a dramatic transformation. What would this mean for the markets?

Out of the shadow

For years the European high-yield bond market has been in the shadow of the larger and more mature US business. Yet even in the face of a sovereign crisis, Europe is growing faster.

Some light to the West

Japanese demand for European securitisations, and in particular UK mortgage-backed securities, hit a record high in recent months after the country’s banks looked to diversify away from lower-yielding domestic securities. However, central bank interventions and tightening spreads may soon smother the market, just as it gets up a head of steam.

The mighty fallen

Once seen as the epitome of a sure thing, banks have experienced a startling fall from grace. Viewed with suspicion and scorned by investors, they face a long road back to favour. But while they are unlikely to ever regain their former lustre, they can aspire to be boring, safe utilities.

Any yield in a storm

Despite low interest rates, demand for US investment-grade corporate debt has been unstoppable with US$435.1bn paper sold so far this year.

Euro debt, Yankee appeal

Although European leveraged markets have suffered this year, the US has appeared on a white horse, as long as they are familiar with the company and it has US dollar earnings.

Breaking the ice

For months – indeed, for most of the year – eurozone banks had been frozen out of the US. Then ECB President Mario Draghi’s words allowed the ice to thaw, cracking open the door to Europe’s leading lenders.

Real darling flutters her eyelids

Brazilian banks are expected to issue a flurry of Tier 2 bonds during the coming year before the implementation of Basel III rules in the country.

Latin lustre's growing appeal

Bankers expect international bond issuance out of Latin America this year will surpass last year’s record level and could even hit the US$100bn threshold.

Waiting to exhale

After a promising start to the year Mongolia’s capital markets experienced a sudden lull partly due to political tensions and mining industry woes. But the tide seems to be turning slowly.

Going local

Borrowers facing a slowdown in bank credit and investors – including a growing middle class – looking for diversification should propel further growth in Asia’s local currency bond markets

Changing appetites

While the Dim Sum market is likely to remain top dog, the Singapore dollar market is snapping at its heels. Both onshore and offshore money are taking advantage of low interest rates and a strong currency.

Samurais carve a niche

The Samurai market remains open for the right FIG names, but investors are being more selective on a credit-by-credit basis.

Special Report

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