Sentiment in Malaysia is running high. Participants at IFR’s Malaysian Capital Markets Roundtable in Kuala Lumpur on October 8 noted that the country came through the crisis relatively unscathed. Malaysian banks are generally in good shape and, from a capital markets perspective, the country is broadly self-sufficient.
Indian capital markets are booming. ECM, DCM, loan syndications, infrastructure and M&A are all firing as investors and financiers vie to put their money to work. The tone of IFR’s Indian Capital Markets Roundtable in Mumbai encapsulated the mood perfectly. In a wide-ranging conversation, participants offered up a very positive outlook for the year ahead.
IFR’s UK Bond Market Roundtable, held in London on September 8, found participants in pensive but broadly optimistic mood. Sterling bond issuance has been slow all year, hamstrung by a basis swap that stubbornly refuses to budge, making it uneconomic for non-UK issuers. The same high swap spreads have made the US dollar market compelling for those UK issuers that have ventured into the market. For top UK names, sterling funding has been anything between 25bp and 45bp back of dollars this year.
The debt origination bankers participating in IFR’s German Corporate Funding Roundtable in Frankfurt on July 13 were a confident bunch, but they find themselves in an odd position. Large German corporates and utilities have been absent from the debt capital markets in 2010, having been active fundraisers at the back end of 2008 and through 2009. At the same time, loan market activity has been muted, as banks rework their banking relationships and rethink their approach to lending.
IFR hosted the latest in its Middle Eastern capital markets roundtable series in Dubai in June. Participants were broadly upbeat about prospects for the regional economy and capital markets. In the near term, though, there is concern about the slow pace of economic recovery and the fact that 2010 growth of 3.5% to 4% significantly lags the performance of other emerging markets.
IFR’s Japanese ECM roundtable, which took place in Tokyo on May 19, covered a wide range of subjects, from general sentiment in the market to prospects for equity capital markets issuance and key market drivers and themes.
On February 7, IFR hosted a roundtable discussion at the Dubai Capital Club with participants from Arabtec Holding, Morgan Stanley, Riyad Capital and Standard Chartered Bank. The subject was the outlook for M&A and capital markets in the MENA region, in the wake of the global financial crisis and in light of some well publicised regional difficulties. The bank representatives came from the firms heading the Thomson Reuters M&A, equity capital markets and syndicated lending league tables, respectively, in the MENA region for 2009.