What banks' primary success can tell us about their priorities in 2022
When looking at the revenues of investment banks in Q3 2021, using Greenwich Coalition data, we can see that secondary market trading in fixed income is still far behind ...
China focus: The outstanding debt of defaulters
Concern around issuer defaults in China is clearly based upon good evidence; our chart this week from S&P Global Ratings shows the annual growth in average ...
2022: Big primary, smaller secondary?
Despite the expectation of rising rates across markets, S&P Global Ratings Research are predicting that issuance of new bonds across markets will not see marked ...
Trouble ahead for traders as number of issued bonds climbs
According to data from Moody’s Investor Services, the US investment-grade companies should have few problems refunding their debt in 2022, which is useful given US$1 ...
The winners in the primary market
In the bond issuance markets, there have been a few subtle changes in the top five most successful banks for syndication, and less subtle change further out, according ...
Focus on China’s property sector
The charts we focus on this week are from CreditSights, and look at the issuance and outstanding bonds for Evergrande, the Chinese property developer which is in a ...
Is issuance for the high jump?
Figure 1.
What’s big, green and keeps traders busy?
Bond issuance sizes in the ESG space are growing, and the average size of the deals are growing too. The proportion of benchmark-sized deals – measured by the Climate ...
A surfeit of bonds?
Henry I of England famously died from eating a surfeit of lampreys – a delicacy until consumed to excess. Central banks might want to review that story as they are ...
Over stimulating?
The biggest new-issue news over the past week has been the biggest ever European stimulus package – the NextGenerationEU (NGEU) recovery plan – and getting allocations ...
New EM issues make relationships matter
Buy-side emerging markets (EM) traders will be bonding well with their banks and brokers this year to make sure they are getting a slice of new issues. According to data ...
Chart of the week: Get in early
Access to primary bond markets has been a headline topic for buy-side traders over the last four years. As issuance volumes have grown, rising to nearly US$2 trillion in ...
Chart of the week: Attack of the killer BBBs
The lowest tier of investment grade bonds show an interesting opportunity in the new issue space, as observed by analyst firm CreditSights. Relative value trades can be ...
Shorted dated issuance reflects investor appetite
The analyst team at CreditSights has spotted that the tenor of investment grade bonds being issued in the US primary market Q1 2021 has declined against the levels seen ...
