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Manager NY credit & derivatives
USA
+50 year(s) experience
IGM Credit
DOWN BUT NOT OUT FEBRUARY 2021 - February issuance volumes slowed after a blow-out January. - This is usual after the January funding rush and amidst earnings blackout periods. - Long Lunar New Year holidays in China in part also dampened issuance volumes. - However, with US Treasury yields breaking fresh highs, issuers were also enticed to fund sooner than later. - IGM metrics tracked show investor appetite remaining particularly strong for investment grade issuances.
Topic Industry News
IGM FX and Rates
Bargain Basement Borrowing Costs Spur Record Issuance Historically, the month of August has been associated with such phrases as “the dog days of summer” and “those lazy, hazy, crazy days of summer.” This year, however, someone let the “dogs” out, and the days were just “crazy” in terms of corporate bond issuance, across all asset classes. Over the past decade, the month of August has consistently ranked as the second slowest high grade ex-SSA issuance month of the year, averaging a mere $69.684bln in ex-SSA high grade issuance. As a matter of fact, coming into this month, despite the extenuating circumstances that have caused all forms of corporate issuance to literally explode this year, the Street was so convinced that this August would be no different from those that had gone before that the highest ex-SSA high grade issuance estimate came in at $71bln. Well, this year is certainly “different” than any other year – we have already set a new annual ex-SSA issuance record of $1.421.135bln, 83.1% higher than last year at this time, with four months remaining. The previous record was 2017’s $1.335.363bln. And, when it comes to this August, the same holds true. This year 100 borrowers raised an unprecedented $139.984bln during the month of August, shattering the previous August issuance record of $114.873bln set back in 2016. Read more...
Topic Industry News
IGM Credit
As a result of the Covid-19 induced lockdowns, many cash-strapped corporations - those who could - descended on the US public debt market in droves, raising an unprecedented $723bln in Q2 2020. That brought ex-SSA H1 issuance to an unheard of $1,214,331bln, topping all estimates for the year. Fun fact: 2020 high grade issuance is running 101.8% higher than last year at this time. Along the way, many milestones were set including a quarter that produced (1) three of the top six busiest ex-SSA issuance months on record (2) the busiest ex-SSA issuance month on record (April’s $297.775bln) (3) and needless to say, the busiest issuance quarter, and half, of all time ($723.121bln and $1,214,331bln respectively).
Topic Industry News
