Sovereign, supranational and agency issuershave long had a habit of concentrating their borrowing in the first half of the year. But that trend seems to have accelerated in2011, with many of the larger SSA issuers having completed up to 40% of their annual borrowing targets by the end of the first quarter alone.
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The deployment of the European Financial Stability Facility and the European Union to assume the financing needs of Ireland hasadded a new dynamic to the sovereign landscape. But what impact have they had on the SSA market? Michael Winfield reports.
Debates still rage about whether quantitative easing achieved its goals, and whether politicians got the size of the capital injection right. But with the end in sight, bond markets are now preparing for life after QE, with most unfazed by the prospect. David Rothnie reports.
A host of new SSA issuers have arrived on the scene, such as Spanish guaranteed FADE and FROB, and EAA and FMS-Wertmanagement in Germany. But what impact will their arrival have on the broader market? Michael Winfield investigates.
Agency issuers have been adhering to the principle that one should make hay while the sun shines, thereby evading the uncertainties around their sovereign patrons and reaping a rich harvest in the first few months of this year. David Wigan reports.
Japan has been in the spotlight after the tragic March 11 earthquake. The sovereign’s debt profile has been deteriorating for years and the ever-growing public debt presents a different kind of crisis. But is the country’s debt pile unsustainable? Atanas Dinov reports.
Several Central European countries have reaffirmed their preference for the US dollar market in 2011 with Hungary, Croatia and Lithuania all taking advantage of American investors’ almost insatiable appetite for EM sovereign risk. In stark contrast the shallower euro market continues to struggle as the EU debt crisis deepens. John Weavers reports.
Five years after awarding its first sovereign mandate, Nigeria became sub Saharan Africa’s fifth sovereign Eurobond issuer in January 2011. A rather underwhelming debut reflected the country’s political and financial uncertainties but the bond still performed well in the secondary and should encourage more inaugural offerings from the continent. John Weavers reports.
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