The launch of a €2bn, 10-year bond in late summer has stirred international interest in the Czech Republic. Writer Joanne Hart
Central banks focus on reserves and currencies
September 29, 2010Central banks have dropped their traditional low profile - becoming more proactive, accumulating large reserves and intervening actively to support their national currencies and interests. The composition of their reserves is also changing, with a number of central banks considering moves to reduce their exposure to the US dollar, reports Joanne Hart.
Traditional notions of the risk free asset overturned
July 28, 2010The global financial crisis, and subsequent fears of European sovereign debt chaos, have overturned traditional notions of risk-free assets and heralded a new mood of caution among investors. Writer Joanne Hart
Is the European high yield market coming of age?
July 6, 2010Good reaction: Chemical company Ineos raised €870m on the high-yield market
The European high-yield market was, for years, driven by leveraged buyout activity. Now corporates are accessing the market in their own right. So, is European high yield coming of age? Writer Joanne Hart
Reform casts a shadow
May 28, 2010When the Lincoln Bill was passed by the US Senate Committee and sent to the House of Representatives for debate, shockwaves ran through the US financial community. If passed, it would, among other things, close access to the Federal Reserve support window or a bailout for derivatives houses. Commodity derivatives are a huge business for banks, and the potential impact on their businesses is cataclysmic. Writer Joanne Hart
Sour prospects for DCM sweet spot
March 3, 2010Mark Lewellen, head of European corporate origination at Barclays Capital
China has had an inflationary spike, Australia is raising rates and more are expected to follow suit. This has prompted a flood of bond issuance from businesses and governments ahead of fears about rising rates. When more central banks signal that they are in a neutral and tightening mode, what will this do to the debt capital market? Writer Joanne Hart
Back with a bang?
March 3, 2010Ian Gilday, European head of high-yield and loan capital markets at Goldman Sachs
High-yield bond issuance rocketed at the end of 2009 as the thirst for yield returned, leading investors lower down the risk spectrum. As yields dropped in response, this opened up the market to even the riskiest credits. Then, in mid-February, there was a huge sell-off. What is in store for the high-yield market? Writer Joanne Hart
A safer option for future investment
March 3, 2010Jonathan Brown, head of global emerging market syndicate at Barclays Capital
Resilient, with huge growth prospects and healthy returns, emerging markets can be an attractive prospect in this climate, but issues of higher interest rates, a need for regulation and limited liquidity have to be resolved. Writer Joanne Hart
From near death to rude health
September 2, 2009Visible presence: Anheuser-Busch InBev, which owns a non-controlling 50% stake in Grupo Modelo, which brews Corona, was an early entrant to the debt markets this year
After a dismal 2008, the fixed-income sector has bounced back in 2009 thanks to government intervention steadying investors' nerves. The turbulent economic climate has favoured the low-risk bond market but, as revenues and deal volumes have risen, not all of last year's major players have retained their market shares. Writer Joanne Hart
Will other banks follow Kookmin?
July 7, 2009South Korea's Kookmin bank issued the first covered bond out of an emerging market earlier this year. It was lapped up by investors although its pricing has been questioned. But more importantly, is it the first of many other emerging market banks to look to covered bond investors for funding? Writer Joanne Hart