ABS market participants have seen one of European fixed-income's more remarkable bull runs over the past two years. Year-on-year growth across all securitised asset classes has been robust, and new investors are still being reported in primary issues.
Syndicated Loans 2005
The outlook for the global loan market is more positive than it has been for several years. After five years of deep liquidity pushing pricing down, tenors out and covenants into extinction, the focus has moved from refinancing to the return of M&A.
Top 250 Borrowers 2005
This year's IFR Top 250 Borrowers report comes in the aftermath of the most serious dislocation in credit markets for years. The GM/Ford downgrades to junk spooked a market that had seen one-way traffic for years in terms of credit spreads.
Talking to bankers and analysts about Turkey in late February and early March was an odd experience. On almost every front there had been progress over the past 12 months and Turkish assets were in demand, from sovereign bonds to second-tier banks. But there was also a sense that investors were ignoring the full picture and accepting a simplistic view of what is a far more complex situation.
Equity Capital Markets 2005
The outlook for global ECM is healthier now than for several years. The signs of recovery were plain to see at the time of the publication of last year's ECM report, but this year's resurgence of M&A activity coupled with strong secondary market performances have created conditions that do not just suit equity issuance, but actually make it desirable.
Financial Exchanges 2005
This is certainly an exciting time in the world of financial exchanges. As long as each exchange enjoyed a monopoly in its own jurisdiction, they remained a necessary but rather dull element of infrastructure. But as such monopolies were eroded, and competition for the same business between different jurisdictions increased, financial exchanges have been forced to reconsider their function, strategy and often their continued existence.
Debt Capital Markets 2005
IMF/World Bank 2005
There are big plans in store for regional co-operation in Asia, although little has so far been done to secure the region against the sort of financial shocks suffered when global capital walked away in the late 1990s. While the IMF was heavily criticised as that crisis enveloped Asia, so far only piecemeal measures have been introduced to prevent a repeat of the carnage inflicted last time round.
India’s offshore presence in the capital markets has come from nowhere over the last two or three years, with the rise in volumes reflecting the rapid improvement in the country’s economic fortunes.
Another year means another chance for Germany to slough off its recent dismal record and make a positive impression in the capital markets. That’s the theory, and bankers have certainly started 2005 in a more upbeat mood. Then again, that was the story last year, so is there any more reason for optimism now?