Friday 19th January 2018
January 18th 2018: Mike van Dulken, head of research at Accendo Markets commented to clients this afternoon: “Equities are mixed around break-even as investors weigh up the first acceleration in China GDP since 2010, solid Industrial Production growth but poor Retail Sales. A mixed picture begs questions about, 1) Chinese data, and, 2) measures in place to carefully deflate a credit bubble. The FTSE underperforms, but Miners and Energy are positive, shrugging off GBP strength, suggesting appetite for risk over defensives, as commodity prices are buoyed by corresponding USD weakness. Data and corporate results remain in the driving seat driving ahead of month-end central bank updates (ECB/Fed). The UK FTSE underperforms, dragged lower by HSBC (profit taking, Carillion exposure), ABF (results), SHP (broker preference for Roche), a plethora of defensives (GBP strength, preference for risk) and a handful of ex-dividends. Limited help from Miners (metals up on USD weakness), Energy (Oil prices stable) and HL. Germany’s DAX if just offside, with losses for Utilities (hawkish ECB, exposed to higher rates) offsetting outsized gains for Tech, Autos and Insurance. The FTSE100 has broken below 7715. The DAX30 remains in 13140-13345 range. Dow Jones Futures continue to push for fresh highs above 26150. Gold is off its lows, nearing a test of yesterday's $1332 breakdown -

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  • Tuesday, 16 January 2018 Broadridge International launches to tap new business in EMEA/APAC
    New York based investor communications and technology specialist Broadridge Financial Solutions, Inc has launched an international arm, Broadridge International, appointing Tom Carey to head the firm’s global efforts, with responsibility for EMEA and the Asia Pacific across all business lines. Read more...
  • Wednesday, 10 January 2018 Pan-Baltic capital market credit positive says Scope
    The pan-Baltic capital market proposed in an agreement between the region’s states may cut credit risk by helping economic growth by increased financing, Scope Ratings says. The plan is part of an EU drive for a Capital Markets Union by end-2019. Read more...
  • Tuesday, 09 January 2018 Intertrust and Neon Underwriting launch new ILS vehicle
    The UK’s first insurance linked securities(ILS) issue, NCM Re, sponsored by specialty reinsurer Neon Underwriting (a Lloyds member) and supported by capital markets maven Intertrust, has debuted in the market. The benchmark transaction has utilised newly approved ILS regulations to establish the first ‘protected cell company’ in the UK which has entered into a $72m collateralised quota share reinsurance transaction. Read more...
Capital Markets

The last few years has seen significant new regulation in the banking space. It’s not been an easy period for financial institutions, with many industry personnel and observers questioning the rationale or efficacy of new rulings. Interpreting and implementing regulations based on guidelines (not precise rules) has made the task all the more challenging. Given the spate of fines for not observing regulations, larger banks are being especially diligent about meeting regulatory requirements and are allocating big budgets to do so.  Senthil Radhakrishnan, Vice President, Capital Markets Practice, Virtusa explains the dynamics.

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In the first quarter emerging debt markets were predominated by uncertain atmosphere. January 2014 was the most productive month in the history of EM Eurobond issues worth of $65bn. In February, in light of the funds outflow from Emerging Markets, issuers’ activity in the primary market fell by three times compared with the January level. In March, Eurobond placements mostly from Latin America and Asia continued, on the background of the growing political crisis between Russia and the West because of the situation in Ukraine and further annexation of Crimea to Russia. As a result, the volume of issues in Q1 reached 122.6 billion dollars, which is 3 billion dollars lower than the results of the comparable period last year. By Konstantin Lysenko, head of International Projects, Cbonds Group. 

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After the decline of primary placements volume in February and March, against the background of falling interest rates, EM issuers headed by borrowers from China, broke a monthly record of Eurobond placements in April, reaching $69bn. By Konstantin Lysenko, head of International Projects, Cbonds Group.

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Friday, 24 January 2014

The lambent appeal of Eurobonds

Håkan Wohlin, global head of debt origination at Deutsche Bank states: “We have not seen this much activity from emerging markets ever. I think this trend will continue with sovereign, companies and banks wanting to raise capital to support growth and expand their investor base. We will not only see more big names from China and Asia in general but increasingly companies and governments from the frontier markets coming to Europe and US.”

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Looking back at the results of 2013, analysts unequivocally recognize a serious economic downturn: there was a slow-down in GDP growth (1.3 % only, according to Rosstat), national currency weakened by more than 5% amidst consistently high oil prices, investment and consumer demand shrank, and the labor market saw a sharp decline. The only comfort comes from the freeze on the rates of natural monopolies, which should slow inflation down in the second half of the year.

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Monday, 11 November 2013

Russian Bond Market Review: October

In the first of what will be a regular monthly feature, Elena Skurikhina, head of Russia and CIS debt at Cbonds, reviews the previous month’s activity within the Russian bond market.

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Tuesday, 10 December 2013

Russian Bond Market Review: November

Elena Skurikhina, head of Russia and CIS debt at Cbonds, reviews the previous month’s activity within the Russian bond market.

 

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Wednesday, 21 August 2013

European Fixed Income Review: July

Following the volatility in financial markets during the spring, driven by concerns over the future of central bank stimulus measures, conditions were generally more stable during July, says Anthony Belcher, director of EMEA Pricing and Reference Data at Interactive Data.

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