• Wall Street must speak earlier to defend democracy

  Leading US financial institutions were quick to condemn the shocking attacks on the US Capitol on Wednesday — a sign that they are willing to take positions on important social issues, in line with the industry’s eagerness to align with good environmental, social and governance standards.

  • 07 Jan 2021

• 2020 hindsight: equity capital markets

  Equity capital markets bankers and investors are finally starting to put their feet up at the end of a historic but tumultuous year. Issuance has been at the forefront of the economic response to the coronavirus after being shuttered by the initial pandemic sell-off with innovation and perseverance ensuring that companies had the funds to survive. In order to mark the end of 2020, GlobalCapital looks back on some of the most noteworthy events and deals.

  • 24 Dec 2020

• Banks benefit from Biden bounce in bond markets as vaccine success turbocharges rally

  Three banks launched new senior deals in euros on Monday, taking advantage of a jubilant tone in the market following Joe Biden’s victory in the US presidential election. That sentiment received a further boost during the morning trading session when Pfizer and BioNTech revealed successful Covid-19 vaccine trials.

  • 09 Nov 2020

• Investors look long term for US election impact

  The US presidential race was still on a razor’s edge as GlobalCapital went to press on Thursday. The US political landscape — and with it, the trajectory of the capital markets — looked set to unfold in individual voting districts over the coming hours and days. But soon, the focus will broaden once more and investors will attempt to map out their long-term view of where to place their money, write Lewis McLellan, Sam Kerr, Mariam Meskin and Oliver West.

  • 05 Nov 2020

• No blue wave but US stimulus still likely

  Just because it seems unlikely that in the US election the Democrats will take both the White House and the Senate, it does not mean that capital markets should become despondent about a fiscal stimulus package that could have reached $2.3tr had the so-called "blue wave" made a clean sweep.

  • 05 Nov 2020

• Capital markets bet on Biden to open deal floodgates

  Capital markets bankers are preparing to restart issuance next week to take advantage of a rally should Joe Biden be confirmed as president-elect of the US by the end of this week, write Sam Kerr, Tyler Davies, Oliver West, Mariam Meskin, Michael Turner and Lewis McLellan

  • 05 Nov 2020

• After Asian bond issuers step back for the US election, bond bankers prepare for busy return

  Asia’s dollar bond issuers hit pause this week as all eyes turned to the outcome of the nail-bitingly close US presidential election. With the result still uncertain on Thursday, but signs showing a Joe Biden victory as a possibility, some bankers in the region reckon the debt market may be at full throttle from next week. Morgan Davis reports.

  • 05 Nov 2020

• Germany underwhelms with second green bond amid US election volatility

  Germany found lacklustre demand for its second ever green bond on Wednesday. The sovereign had to contend with a big drop in Bund yields following uncertainty over the US election result.

  • 04 Nov 2020

• Equities rally as Biden pulls ahead

  Global equity markets have reversed earlier losses after former US vice-president Joe Biden gained momentum in the presidential race on Wednesday afternoon, giving capital markets bankers hope that a decisive result this week might be possible.

  • 04 Nov 2020

• Trump win could be 'good news for Russia' as EM braces for result

  The eventual result of Tuesday's US presidential election could have a monumental impact on the position of key emerging markets states like Russia and Turkey in the international arena.

  • 04 Nov 2020

• SSAs to shrug off US vote uncertainty

  The US presidential election result was far from clear on Wednesday morning but, while uncertainty is never a popular result, the SSA market is unlikely to be derailed for long.

  • 04 Nov 2020

• Contested election creates more volatility for CB investors

  Convertible bond investors are preparing for elevated levels of volatility in the wake of the extremely close US election results, but many are waiting for more results in key states before taking a view on the direction of the market.

  • 04 Nov 2020

• European ABS market confident despite US vote anxiety

  The European ABS market remains confident despite the inconclusive outcome of the US presidential election as GlobalCapital went to press on Wednesday. The sector is one of the few capital markets to see deal activity this week, with Citizen Irish’s auto ABS pricing late on Wednesday.

  • 04 Nov 2020

• White House race doubts hamper FIG supply hopes

  Uncertainty over the outcome of the US presidential election is threatening to delay deal plans in the bank bond market, with issuers having lined up new transactions in the aftermath of a successful results season.

  • 04 Nov 2020

• Poll stalemate 'worst of all worlds', but IG corporate issuance expected soon

  European high grade corporate bankers have dubbed the immediate aftermath of Tuesday's US elections the “worst of all worlds”, but are confident that the euro primary market will resume next week.

  • 04 Nov 2020

• Messy US election delays imminent equity issuance

  Equity markets awoke on Wednesday morning to an inconclusive US presidential election where there is no clear winner between US president Donald Trump and his challenger, former vice president Joe Biden. Equity capital markets are likely to remain shut for at least the next few days as they wait to find out who has won especially as vitriol between the candidates increases.

  • 04 Nov 2020

• Equity buyers pile on risk ahead of US vote as SSA market awaits restart

  As Americans went the polls on Tuesday, equity investors were positioning themselves for a decisive Democrat victory and a rally in stocks. While primary markets fell silent across asset classes, the pipeline for SSA bonds will likely spring back to life whatever the result. For riskier asset classes, the immediate future for primary markets is less clear.

  • 03 Nov 2020

• Oil falters again as election worries loom

  Oil-dependent emerging market countries have once again found themselves at the fore of capital markets discussions amid another drop in oil prices. Ahead of tomorrow’s US presidential elections and with a wave of lockdowns announced across Europe, commodity markets are coming under pressure.

  • 03 Nov 2020

• Pre-election window closes too early for Ion

  Ion Analytics has postponed a $1.85bn leveraged loan financing the combination of Dealogic and Acuris, blaming "market volatility ahead of today’s US presidential election". With final commitments due on Monday, closing the issue was always going to be tight, but liquidity dried up too early for the company to clear out its costly private debt.

  • 03 Nov 2020

• Bank spreads tighten ahead of US election

  Bank bond spreads have moved tighter on the secondary market over the last two days, driven in part by a lack of supply and the prospect of a victory for Joe Biden in the US presidential election. But not all segments are seeing gains, as investors are still shying away from riskier paper amid uncertainty around the vote.

  • 03 Nov 2020

• Lat Am calm on election eve but liquid Mex assets vulnerable to shock result

  Bond markets in Latin America were quiet on Monday ahead of Tuesday’s US election. But the Mexican peso, and bonds issued by state-owned oil giant Pemex, could be most vulnerable to a surprise or uncertain result given they are two of the most liquid assets in EM.

  • 03 Nov 2020

• Fed to underpin EM whoever wins White House race

  Donald Trump and Joe Biden each present a different set of medium-term risk factors for emerging markets if they win next week’s US presidential elections. But the US Federal Reserve’s promise to keep rates lower for longer — combined with unprecedented monetary policy support from other developed market central banks — should provide a cushion that is more relevant to EM bonds than the Oval Office’s occupant. Mariam Meskin and Oliver West report.

  • 29 Oct 2020

• Capital markets pray for decisive US election victory

  The US presidential election is next week but, unlike the rest of the world, capital markets professionals are not rooting for Joe Biden or the incumbent, Donald Trump, to win. Instead, they just want a clear result that will spur issuance for the rest of the year. Sam Kerr, Mike Turner, Lewis McLellan, Mariam Meskin, Frank Jackman and Aidan Gregory report.

  • 29 Oct 2020

• Equity volatility falls as UK politics thrown into turmoil

  The UK's shock election result, in which prime minister Theresa May failed to secure a majority, has led to a slight fall in equity volatility, as the FTSE 100 rose on a weaker pound and European stocks rallied.

  • 09 Jun 2017

• Shock election result can’t tarnish corporate market lustre

  The corporate credit market has given an almighty shrug on Friday to the surprise UK election result that came in overnight, with primary issuance expected to resume as normal next week helped by technical factors.

  • 09 Jun 2017

• FIG market to remain strong and stable after UK election result

  Market participants were unfazed by the hung parliament result in the UK election on Friday morning.

  • 09 Jun 2017

• Macron progress positive for EM loans, but effect will lag

  Emerging market loans bankers felt positive about the first round of French presidential election results on Monday but cautioned that they expect little immediate reaction in their sector.

  • 24 Apr 2017

• EFSF lines up dual tranche amid relief rally

  The result of the first round of the French election has imbued the markets with a fresh confidence, prompting the European Financial Stability Facility (EFSF) to mandate banks for its third dual tranche trade in a row.

  • 24 Apr 2017

• Corporates tipped to rip following French vote

  The corporate bond market is readying itself for a flurry of primary market trades, with risk appetite ramping up after the French presidential election first round passed without any major surprises.

  • 24 Apr 2017

• Volatility indices drop down as investors cash out on Macron victory

  French election anxieties dropped out of derivative markets with astonishing speed this week, as centrist pro-EU candidate Emmanuel Macron’s first round election showing set him on course for the French presidency.

  • 24 Apr 2017

• ABS relieved as Macron goes En the Marche

  Investors in France are looking ahead to June’s legislative elections under the assumption that Emmanuel Macron is set to become the next president of France on May 7 when he faces the National Front’s Marine Le Pen in a deciding vote.

  • 24 Apr 2017

• Covered bond issuers urged to fund without delay as France votes

  French and European periphery covered bond spreads were tighter on Monday following the result of the French presidential election first round vote. Bankers have urged issuers to take advantage of the bounce to secure funding.

  • 24 Apr 2017

• French election relief opens way for EFSF

  A strong showing from Emmanuel Macron in the first round of the French election has been greeted as an “overwhelmingly positive development” by those in capital markets, according to a head of SSA DCM, and provides an exceptional backdrop for the European Financial Stability Facility’s expected benchmark.

  • 24 Apr 2017

• Relief rally reaches EM as Macron and Le Pen go through

  Emerging market debt was tighter across the board on Monday morning, after a favourable outcome in the first round of the French presidential election spurred a rebound in core market asset prices.

  • 24 Apr 2017

• French vote gets corporate pipeline pumping again

  Risk appetite has returned to the corporate bond market after independent centrist Emmanuel Macron came out on top of the first round of voting in the French presidential election on on Monday morning.

  • 24 Apr 2017

• French banks clear for capital drive after positive election result

  Following several months of apprehension in the run-up to Sunday's first round vote in the French presidential election, French banks can now look forward to better issuance conditions and lower funding costs as they build towards their regulatory capital requirements.

  • 24 Apr 2017

• Levfin lively after French election as Netflix jumps in with €1bn HY debut

  The leveraged finance market in Europe has shared in the cheerful sentiment across markets on Monday morning as the first round of voting in the French presidential election suggested centrist Emmanuel Macron was the favourite to win the run-off in two weeks’ time.

  • 24 Apr 2017

• European stocks soar as Macron tops first round

  Fears of a far right victory in the French presidential election receded on Sunday night after Emmanuel Macron won the largest share of the vote to make it into the second round alongside Marine Le Pen, the National Front leader.

  • 24 Apr 2017

• Dollar deluge but pricing still an art

  More dollar deals are expected next week following a searing few days for trades in the currency, but despite bumper books and deal sizes, some in the market feel there is still some price discovery work to do. Meanwhile, US president-elect Donald Trump made his presence felt on the issuance calendar.

  • 12 Jan 2017

• Brexit: a regulatory triumph?

  The Brexit vote and the election of Donald Trump laid bare the poor predictive power of the massed ranks of financial analysts and traders. But when these political cataclysms hit the screens, nothing broke. Everyone from the IMF down to the lowest financial scribbler has warned that markets are less resilient thanks to regulation — but in the turmoil following these votes, prices moved but institutions stayed solid. Owen Sanderson reports.

  • 01 Jan 2017

• Rate risk spurs US PP to record numbers

  European and UK issuers have driven the US Private Placement (US PP) market to near record highs, despite concerns around the Brexit vote and US presidential elections. Now, the prospect of the end of an era of record low rates could push volumes to unprecedented levels, writes Elly Whittaker.

  • 24 Nov 2016

• Callable zero flood as US yields jump

  Appetite for 30 year callable zeroes in dollars has been bolstered by Donald Trump’s victory in the US elections and the resultant rise in bond yields around the world.

  • 24 Nov 2016

• Land NRW and AFD dip into calm euro waters

  The euro market for public sector borrowers repoened on Tuesday as a pair of issuers took advantage of calmer conditions since the US election on November 8 to raise nearly €2bn in total — both paying small new issue premiums.

  • 22 Nov 2016

• KfW SRI bond flashes green light for dollars

  KfW was able to increase from its original size target and tighten pricing on Tuesday with the first public sector dollar bond of over $1bn since the election of Donald Trump as US president.

  • 22 Nov 2016

• RMB bonds will be key for global portfolios, says BlackRock

  The opening of China's interbank bond market (CIBM) this year means that the world's third largest fixed income market will become an increasing focus for global investors, according to the world's largest asset manager.

  • 22 Nov 2016

• The death of ultra-long debt

  In the past few months, the European Central Bank's policy of buying almost everything in sight has pushed investors to the very frontiers of the maturity spectrum in a desperate hunt for yield. But the game might be up.

  • 17 Nov 2016

• Credit derivatives shrug off Trump volatility

  We noted last month that realised volatility in the European investment grade CDS market, as measured by the Markit VolX index, was at its lowest for two years. By the end of October, volatility had dipped to 18%, which was the lowest level since the heady days of June 2007. A number of future events were mooted that had the potential to trigger market uncertainty, including next month’s Italian referendum.

  • 17 Nov 2016

• Trump turbulence ruptures volatility trading

  A big rift in US volatility trading has opened in the week since Donald Trump’s shock presidential election win, with equity markets quickly calming after the result while the US Treasury yield curve sharply steepened.

  • 16 Nov 2016

• Trump shows eurozone cost of growth

  Donald Trump, US president-elect, is espousing a position long held by ECB president Mario Draghi: monetary policy is not the whole solution. It’s time to start building.

  • 15 Nov 2016

• Giancarlo not Trump can make regulation great again

  Rather than wailing about a regulatory Trumpocalypse, those who care about the health of financial markets should seize upon last week’s shock US presidential result to help bring about meaningful and beneficial changes.

  • 15 Nov 2016

• SSA pipeline cracks open as BNG prepares print

  Public sector borrower supply is beginning to trickle through after a volatile Monday, but bankers are warning that market conditions are far from perfect — and some issuers are still unwilling to take a chance on a deal.

  • 15 Nov 2016

• RussNeft presses ‘go’ for IPO as Trump lifts Russia

  RussNeft, the Russian oil company controlled by its chairman Mikhail Gutseriev, is moving ahead with plans to float in Moscow this quarter.

  • 14 Nov 2016

• SSAs put mandates on hold amid Trump turmoil

  High volatility in the wake of Donald Trump’s shock win of last week’s US presidential election is likely to halt supply of euro or dollar deals for the next few days, said bankers.

  • 14 Nov 2016

• RMB round-up: Trump effect on RMB, China’s record low FX reserves, HK set to join AIIB

  It's now all Trump, all the time – especially for China. In this round-up, a recap of our top stories from an eventful week. In broader news, the RMB struggles against the dollar, China’s foreign exchange (FX) reserves hit new lows in October, and the Asian Infrastructure Investment Bank readies a seat at the table for Hong Kong.

  • 11 Nov 2016

• Mexican issuers face wall of uncertainty amid rout

  The benign reaction across capital markets to Donald Trump's surprise US presidential election victory did not spread as far as Latin America. A brutal sell-off on Thursday further complicated an already tough picture for Mexican issuers facing uncertain times as participants wonder just how badly a Trump presidency could affect the country, writes Oliver West.

  • 10 Nov 2016

• Markets survive The Donald as GOP sweeps US

  An upset in the US presidential election overnight on Tuesday caught the world and its capital markets off-guard. Just like the Friday morning after the Brexit vote many awoke seemingly unprepared for a perilous open. But Donald Trump’s ascent to the White House, which so few capital markets participants wanted or predicted, has not disrupted market activity as much as might have been feared, for now.

  • 10 Nov 2016

• The Trump trend is not your friend

  This week, those in the capital markets showed it’s not just electorates that can deliver surprises. Investors got one back — by making markets rise on a shock Donald Trump election victory.

  • 10 Nov 2016

• ‘Extra caution’ advised for 2017 political risk

  European public sector issuers are gearing up for another year of potential political turbulence, with the trend for pollsters to fail to call results — as seen with the election of US president-elect Donald Trump and Brexit — likely to make issuance planning more difficult. That outlook is likely to force a more dovish approach from the European Central Bank at its last governing council meeting of the year in December, said bankers.

  • 10 Nov 2016

• ‘Trump trade’ opens 10 year dollar window for SSAs’ packed January

  Donald Trump may have pledged to “make America great again”, but his election as US president this week could also make 10 year dollar benchmarks trade again.

  • 10 Nov 2016

• Corporate credit comes up trumps again, but danger's not far away

  The remarkably rapid recovery of European investment grade corporate credit tripped on Thursday, as sell-offs in rates and equity markets disturbed market sentiment, but the primary market still looks sturdy in the face of volatility.

  • 10 Nov 2016

• Goldman, JPM open Trump era with a bang

  Goldman Sachs and JP Morgan became the first banks to hit the dollar market after the election of Donald Trump as US president provided an unexpected fillip to credit markets.

  • 10 Nov 2016

• Eurozone periphery toughs it out in wake of US election

  Yields on Europe's peripheral government debt rose only a few basis points over Bunds on Wednesday’s news that Donald Trump had won the US presidential election race.

  • 10 Nov 2016

• Trump era opens with upside surprise for dollars

  It wasn’t just pollsters that were left scratching their heads this week in the US as syndicate bankers were also expressing surprise at the resilience of domestic credit markets following the election of Donald Trump as their president.

  • 10 Nov 2016

• Battle of the biggest losers in EM as Trump storms to election win

  Donald Trump’s shock success in the US presidential election met initially staunch resistance from EM asset prices. But dealers apportioned the response to technical factors underpinning the market and warned that the long term impacts of the election result could be very different.

  • 10 Nov 2016

• Trump bounce saves Clinton vol traders from pain

  Bizarre trading dynamics conspired to save over-confident trades backing a Hillary Clinton victory in the US presidential election, with a ‘Trump bounce’ in the aftermath curtailing volatility and sending many short-volatility plays back into the money. But the shock of the Republican victory adds to that of the Brexit vote in June and has jolted market complacency on other political events in the coming months.

  • 10 Nov 2016

• FIG back on track but political risk is more in focus than ever

  The FIG market showed poise following Donald Trump’s shock victory in the US presidential election this week, with new issuance restarting within a single day. But the result has not passed without consequence, as market participants prepare themselves for further political turmoil.

  • 10 Nov 2016

• Trump and the Street

  One thing needs to be made clear about a Trump presidency in the US: the president-elect is not a Wall Street Republican and he did not rely on the support of bankers to win the White House.

  • 10 Nov 2016

• European high yield trumps nerves at Republican win

  The European high yield market this week proved that it has learned at least one lesson from its Brexit experience: the unexpected does not mean market shutdown.

  • 10 Nov 2016

• Gazprom prints €1bn but delayed sell-off, volatility to blight EM

  The EM primary bond market took just one day to digest Donald Trump’s unexpected ascent to the US presidency before new issuance resumed with a Gazprom bond. But uncertainty about what Trump will actually do could lead to volatile markets, increasing the cost of any issuance.

  • 10 Nov 2016

• No regs respite for US ABS despite Trump win

  ABS market sources in the US do not expect to escape coming regulatory regime change, despite lofty promises made by president-elect Donald Trump while on the campaign trail. Max Adams and Sasha Padbidri report.

  • 10 Nov 2016

• Cautious corps resume deal flow, zero yield for Gasunie

  Two corporates hit the new issue market on Thursday, one clinching a 0% yield and the other paying only a single digit new issue premium, despite volatility in rates markets.

  • 10 Nov 2016

• Green leads way after US election

  As the end of 2016 approaches, borrowers are turning to the green market for their remaining funding, with a pair of SSA borrowers returning to the syndicated market for socially responsible investment products on Thursday.

  • 10 Nov 2016

• Trump win befuddles Asia fixed income investors

  The US presidential election drove the Asian fixed income market to a near standstill this week and for most borrowers, Donald Trump’s victory has likely stalled plans for upcoming issuance. But Chinese property developers and local government financing vehicles, some of the names most desperate for funds, may keep the market moving for the rest of the year. Morgan Davis reports.

  • 10 Nov 2016

• Lat Am bonds on hold after post-election price puke

  Lat Am bond market participants held varying views on just how bad the market reaction to Donald Trump’s victory in the US elections had been on Wednesday, but most agreed that issuance plans across the region would be on hold for a while as debt prices tumbled.

  • 10 Nov 2016

• Renewed volatility in EM bonds following the day of The Donald

  Volatility has crept up in emerging markets as bonds across the asset class sold off again on Thursday, as they had in the immediate aftermath of the US election results, despite a recovery later on Wednesday.

  • 10 Nov 2016

• Asian ECM trumps Trump as markets shrug off win

  Asia’s equity capital markets recovered quickly in the wake of Donald Trump winning the White House, with most of the indices regaining their losses in Thursday’s trading. Primary issuance also took off, with some keen issuers pulling the trigger on their IPOs. Jonathan Breen reports.

  • 10 Nov 2016

• Putting my money where my mouth is

  I was a risk taker, back in the day, always on the lookout for money-making ventures. Now that I am retired, I am more conservative, but I made a big blunder on Tuesday after imbibing a Scotch or two at Captain’s Bar.

  • 10 Nov 2016

• Energy players see opportunities despite Trump’s stance

  Property Assessed Clean Energy (PACE) and solar energy market participants are not giving up on potential benefits of a Donald Trump presidency on the sector, despite the president-elect’s controversial opinions on clean energy and climate change.

  • 09 Nov 2016

• Business as usual: EM holds steady after Clinton loses

  Remarkable resilience in the face of an uncertain future was the tale of emerging market bond prices on Wednesday as Donald Trump won the presidential election in the US, much to the surprise of EM traders themselves, who expected the risk aversion to last much longer. But the outlook for EM bonds under a Trump presidency is far from rosy. Latin America has been the clear underperformer so far but more pain is expected.

  • 09 Nov 2016

• Trump shock: Winners and losers in EM

  Donald Trump’s shock success in the US presidential election in the early hours of Wednesday met staunch resistance as far as EM asset prices were concerned. But dealers apportioned this to technical factors underpinning the market and warned that the long term impacts of the poll result are yet to be seen. GlobalCapital dissects the impact on EM region by region.

  • 09 Nov 2016

• Non-core currency bonds resilient in the face of US uncertainty

  Donald Trump's victory in the US presidential election went largely unnoticed in key niche currency bond markets on Wednesday morning. Non-core currency bankers were confident pipelines will remain unchanged in Norway, and Switzerland.

  • 09 Nov 2016

• EM surprises as spreads snap back within hours of election shocker

  Remarkable resilience in the face of an uncertain future was the tale of emerging market bond prices on Wednesday as Donald Trump won the presidential election in the US, much to the surprise of EM traders themselves, who expected the risk aversion to last much longer. But the outlook for EM bonds under a Trump presidency is far from rosy. Latin America has been the clear underperformer so far but more pain is expected.

  • 09 Nov 2016

• Cheap money, not Trump, reigns in European loan markets after elections

  Though emerging market loans widened in early trading on the day after Donald Trump’s election, pricing for both IG and EM loans returned to the levels of the day before by midday — as the overriding theme of cheap money in European markets, not the shock result of the US vote, dominated.

  • 09 Nov 2016

• Trump knee jerk 'not as bad as Brexit' for derivs markets

  Donald Trump’s shock US election victory in the early hours of Wednesday caused a shockwave to course through derivative markets overnight. But by midday in London traders said the overall reaction was much more orderly than in the aftermath of the UK vote in June to leave the European Union - and by close of business some markets had made full scale retrenchment.

  • 09 Nov 2016

• European ECM deals still on course after Trump shock

  Equities in Europe have reacted with resilience to this morning’s surprise that Donald Trump will be the next US president.

  • 09 Nov 2016

• Yes we can digest Trump, says European high yield

  The European high yield market on Wednesday proved that it has learned at least one lesson from its Brexit experience: the unexpected does not mean market shutdown. Despite Donald Trump's surprise US presidential election win on Wednesday morning, HY market participants think issuance could resume quickly.

  • 09 Nov 2016

• Europe’s corporate bond market to be back in action on Thursday

  The euro corporate bond market sold off on Wednesday morning in reaction to Donald Trump’s victory in the US presidential election, but spread widening was limited, and bankers are already preparing new issues for Thursday.

  • 09 Nov 2016

• Corporate credit resilient in face of Trump win as ECB expectations grow

  Euro corporate bonds budged little on Wednesday morning as market participants reacted to Donald Trump’s surprise US election victory, with some investors buying on the dip and expectations growing for further central bank intervention in the market.

  • 09 Nov 2016

• SSAs look past Trump to Italy and next political risks

  Donald Trump may have shocked the world with his US presidential election win in the early hours of Wednesday, but the public sector bond market is already nervously eyeing the next chunk of political risk — particularly given the growing trend for polling companies to make spectacularly wrong predictions.

  • 09 Nov 2016

• FIG eyes fast restart as spreads weather Trump shock

  The FIG market looked set to shrug off Donald Trump’s surprise victory in the US presidential election on Wednesday, and bankers were optimistic that new issuance could restart in a matter of days.

  • 09 Nov 2016

• Asian issuers wait for Trump policies as DCM, ECM hit

  Capital markets participants in Asia were digesting the news of Donald Trump’s victory in the US presidential election as markets in the region went into freefall. While bankers and investors admit that no market will be immune to the news, they are expecting a quick rebound in ECM, while debt issuers will take longer to come to terms with the result.

  • 09 Nov 2016

• Trump day: Hectic session for RMB in lead up to shock win

  In a rollercoaster day for markets, the renminbi had a rocky start before gaining ground against the dollar as news on the US elections unfolded. But volatility is likely to continue in the coming days as markets get to grips with Donald Trump’s victory.

  • 09 Nov 2016

• ABS markets calm on eve of election

  ABS market players, though prepared for any knee-jerk reactions to an election upset, are keeping their cool as the US presidential race draws to a close.

  • 08 Nov 2016

• CSPP to shelter corp market from US election result but powers ebbing

  Market participants are confident that the strong technical support of the European Central Bank will protect euro corporate bonds from US election induced volatility, but central bank intervention does not seem as powerful a tool as it once was.

  • 08 Nov 2016

• The end of the world as we know it?

  Do not be reassured by the checks and balances narrative. The US presidential election matters desperately. Either the US will be in a position to keep leading the world, or it won’t.

  • 08 Nov 2016

• FIG readies mandates for Wednesday and a Clinton win

  Though none of them are ruling out a victory for Donald Trump, FIG market participants are positioned for Hillary Clinton to win the 2016 US presidential election. Banks could be ready to launch new trades on the same day as the result is announced.

  • 08 Nov 2016

• Election result looms but central banks still hold sway over SSAs

  While the US presidential elections understandably held the attention of market participants on Tuesday as polling booths opened, some bankers believe that central bank policy will overshadow the result for SSA borrowers whatever it may be.

  • 08 Nov 2016

• Vol reset trades abound as Clinton victory prospects rise

  Derivatives markets across asset classes are projecting increased confidence of a Hillary Clinton win in Tuesday's US presidential election, but also revealing concern that volatility could then evaporate from markets for the rest of the year.

  • 08 Nov 2016

• Curb your enthusiasm EM issuers told for post-US election

  The chance to avoid an assault course of monetary policy announcements will give emerging markets borrowers reason to flood into primary markets once the result of Tuesday's US presidential election is announced, syndicate officials have said, especially if Hillary Clinton prevails. But those same bankers doubted the robustness of demand to take down a large volume of issuance so close to year-end.

  • 08 Nov 2016

• European HY to tough out US election even if Trump triumphs

  Only hours before one of the most tightly contested US presidential election in recent times is decided, participants in the European high yield market gave the event as non-plussed a shrug as it could manage.

  • 08 Nov 2016