The European high-yield bond market has come a long way from its infancy in the late 1990s to record issuance in 2012 and 2013. But with interest rates threatening to rise, can the market stay on track for another bumper year in 2014?
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Tighter secondary market liquidity and more volatile interest rates make for a more challenging environment for the highest-rated issuers, but that has not stopped Deutsche Bank from leading two milestone deals already in 2014.
Corporate bond market participants are starting to look for alternative ways to trade bonds as regulations put the squeeze on the amount of liquidity in the banking system.
Over the past two years banks have been hit by a huge wave of litigation relating to residential mortgages, interbank rates, consumer insurance and money laundering. Though lenders have largely managed to absorb the costs fairly easily, it seems that the regulators are not quite finished when it comes to dishing out fines.
The acquisition of UK brokerage Collins Stewart Hawkpoint by Canada's Canaccord Genuity gave Alexis de Rosnay the chance to fulfil his ambition of building a business, as the group aims to become a global mid-market investment bank.
New regulations for banks and insurers governing capital requirements on holdings of securitised assets include some improvements, but may not be enough to make the product viable in Europe.
A groundswell of support for green finance means headway is being made in the transition to a low-carbon economy, with new sustainable models of finance, the issuance of green bonds and initiatives to level the playing field among banks.
James Cowles is driving Citi's refreshed network of coverage bankers and better-integrated trade and treasury services offering in the largest revenue-generating region for the bank's reorganised institutional client group.
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