Argentina is poised to issue its first euro-denominated bonds in 15 years as the sovereign continues its rehabilitation in the capital markets. The country is expected to come with a relatively small dual-tranche trade that could reach around €1.5bn.
Investors piled into the debut bond from Shire last week, ignoring some clear warning signals that the drugmaker’s deal might have offered a little bit less than meets the eye.
Russia took advantage of a benign backdrop last week to tap its May 2026s for US$1.25bn but, as on the original transaction, debate raged about who bought the bonds.
The slower than expected syndication of a US$7.5bn senior acquisition loan, which is part of a US$11.6bn financing backing Analog Devices’ US$14.8bn acquisition of chipmaker Linear Technology, shows that banks are finding it harder to make returns work on drawn acquisition term loans.
The ¥392bn (US$3.9bn) listing of Japanese state-owned rail operator JR Kyushu, the second largest IPO in Asia this year, is banking on the growth of its non-railway operations to lure investors.
Global investors are warming to Asian bank capital securities in search of high nominal returns and low loss-absorption risks, despite tighter pricing relative to European alternatives.
US bond yields could rise in coming weeks, amid signs that currency hedging costs near five-year highs may be undermining overseas demand for US fixed income securities.
Derivatives exchanges have failed to lure business away from the over-the-counter swaps market despite sweeping reforms that have hiked the cost of bilateral exposures.
Of all the beneficiaries of the world’s unprecedented experiment with monetary easing, the backdoor benefit to government finances has perhaps been least noted.
Money-market fund reforms that come into effect next month will further hike short-term bank borrowing costs, which have already risen sharply in recent months.