View the highlights video below <div class="video_container" data-attachment="307232"> <div id="video_2" class="video"> <h2>Video:</h2> <p>Outlook for International Debt Capital Markets</p> </div> </div> That uncertainty at a macro level was already creating valuation discrepancies and leading to market volatility and broad spread widening. In the primary market, levels of over-subscriptio

IFR: What do the issuers think about this shift in the market, Morven? I’m referring to the allocation process, the ever-bigger buy-side pools, and the move to buy-and-hold behaviour etc?   Morven Jones, Nomura: Every issuer wants the best of all worlds. They want the best price, they want the right allocation and they want the deal to perform in the aftermarket. Getting all those things aligned is not always possible. Different issuers vary in the way they look at the market. Some are very focu

IFR: That IMF study did point to dramatic increases over 10 years in emerging market issuance in foreign currencies. And that there had been a big increase in the amount of that issuance coming through the bond market rather than the loan market. The big concern was about fund flow reversals out of foreign currency EM, which had the potential to jeopardise the budgets of high current account deficit countries in particular. So you think that that’s been overplayed?   Soren Willemann, Barclays: A

IFR: Welcome to this IFR Roundtable on the Outlook for International Debt Capital Markets. Our discussion today is centred on what’s at play in the international bond market, from the perspective of both primary and secondary markets and how the tone of the market might be shifting with potential policy divergence between the ECB, Fed, and BoJ. We’ve seen a lot of volatility since the end of the summer, Is the market is at a pivot point where it ceases to be a sellers’ market and moves into a di

Ashish Dafria Ashish Dafria is global head of credit research at Aviva Investors and the global sector lead for TMT. Before joining Aviva, he was a director in UBS Investment Bank’s financial sponsors and TMT groups. Soren Willemann Søren Willemann is head of European credit strategy at Barclays, with a focus on macro credit strategy and credit derivatives. He joined the firm in January 2006. Fred Zorzi Frederic Zorzi is the global head of bond and loan syndicate within fixed-income at BNP Parib