Financial Intelligence is part of the Informa Intelligence Division of Informa PLC
This is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.
Senior Analyst
UK
23+ years of experience
David has over 20 years’ experience in fixed income markets, including 13 years in trading and debt capital markets roles. Before joining IGM, he spent 10 years at Thomson Reuters, most recently as European Head of Rates. He specializes in debt capital markets, incorporating a broader appreciation of underlying financial market trends and themes that impact conditions for both issuers and investors.Since joining Financial Intelligence, David has engaged with customers continually to help enhance the credit offering.
IGM Credit
By David Corbell 20 Dec 2022
While 2021 offered relative stability and issuers almost continual access to funding, 2022 provided more challenging conditions where war in Ukraine, aggressive and synchronised central bank tightening, not to mention China's zero Covid policies, were key drivers of higher volatility.
IGM Credit
By David Corbell 05 Aug 2022
In APAC USD bond sales went from bad to worse in July 2022 managing to produce just USD14.629bn of issuance (including Japan), the lowest of any month so far this year. Single currency supply in Europe more than halved m-o-m in July (-54%) as pervasive growth and inflation fears weighed on activity across all IG asset classes. The EUR IG corporate market witnessed the biggest slowdown (both absolute and percentage) and saw its weakest July in fourteen years. July Issuance volume bucked the trend in the US surpassing forecasts but was heavily dominated by the financial sector, which accounted for two-thirds of the total. Domestic FIG issuance comprised 48% (USD45.05bn) with Yankee FIGs making up another 17% (USD16.2bn) of the total volume.
Topic Industry News
IGM Credit
By David Corbell 05 Jul 2022
Issuance volumes across US, Europe and APAC have all fallen m-o-m, coinciding with a general reduction in coverage ratios and heightened NICs In fact, monthly issuance was the lowest of the year so far in US and APAC whereas Europe barely surpassed the low recorded in April
Topic Industry News
IGM Credit
By David Corbell 07 Jul 2021
IGM Global Credit Snapshot | Thursday, 8th July 2021 - New issuance market in Europe and APAC picked up sharp momentum in June. - US IG issuance, in contrast, fell to the lowest this year but still beat Street estimates. - ESG proved a key theme for European corporates in 2nd busiest month of 2021. - Cash rich investors chase reduced supply in European FIGs, with av cover ratio highest since Nov. - Av new issue concession on APAC US$ issuance (ex-Japan) returned to negative territory. - For more specific regional highlights see below.
Topic Industry News
IGM Credit
By David Corbell 02 Jun 2021
IGM Global Credit Snapshot | Thursday, 3rd June 2021 - New issuance market proves resilient in May despite volatility in broader markets. - US IG funding conditions improve, with some of the chunkiest deals this year. - European FIG and CORPs step up funding aggressively amid receptive conditions. - Signs of investors returning to high yield APAC US$ market as volumes rise, NICS slump. - For more specific regional highlights see below.
Topic Industry News
IGM Credit
By David Corbell 05 May 2021
IGM Global Credit Snapshot | Thursday, 6th May 2021 - Global issuance volumes broadly pulled back in April after a robust March and Q1. - APAC US$ IG and US HY issuance however posted busiest Aprils on record. - European HY space also saw its highest volume month since October 2017. - US IG ex SSA issuance was led by five of the six big banks, while corporates underwhelmed. - European IG corporates attracted falling NICS on strong demand and reduced supply. - APAC HY issuance slumped with issuers forced to pay up on negative China impulses.
Topic Industry News
IGM Credit
By David Corbell 07 Apr 2021
IGM Global Credit Snapshot | Wednesday, 8th April 2021 - Global issuance volumes picked up pace over March, with Q1 volumes strong - European and US high yield markets chalked up record first quarters. - Concerns over rising inflation and in turn higher US Treasury yields continue to entice issuers to fund sooner than later - However, IGM's sentiment metrics, which largely saw average NICs track higher, does suggest some selective investor resistance. - For specific regional highlights see below.
Topic Industry News
IGM Credit
By David Corbell 02 Jun 2017
Payroll Friday was a day of rest in the European primary market
IGM Credit
By David Corbell 01 Jun 2017
It was another relatively measured primary market session on Thursday where further EUR5.65bn of issuance priced in the single currency
IGM Credit
By David Corbell 31 May 2017
Issuers rushed to lock in funding on the final day of May and also before payrolls on Friday and the ECB next week. EUR11.85bn was issued in total
IGM Credit
By David Corbell 22 May 2017
The primary market started the week on the front foot where all asset classes contributed to the EUR6.35bn priced
IGM Credit
By David Corbell 09 May 2017
The primary market went from famine to feast on Tuesday as investors pushed risk assets higher
IGM Credit
By David Corbell 25 Apr 2017
Supply accelerated on Tuesday to EUR10.25bn with the spotlight on SSAs
IGM Credit
By David Corbell 13 Mar 2017
The primary market got off to a fairly measured start on Monday where a combined EUR3.25bn.....
