Debt Capital Markets Update Q2 2019

Debt Capital Markets Update Q2 2019


Download the update - Q2 2019

We are pleased to share LSEG’s Quarterly Debt Capital Markets (DCM) update for Q2 2019.

This provides a review of global DCM activity, and key highlights from London Stock Exchange Group’s markets.


  • Global Macro dynamics continue to follow the trends set in Q1. DCM issuance globally in H1 2019 is down 14% from last year, in an increasingly dovish rates environment

  • london stock exchange is leading exchange for first-time issuances and debut products: global issuers picked a London listing for milestone deals, e.g. AIIB’s inaugural global bond, TD Bank’s first Sonia-linked bond, and Kerala Infrastructure Fund’s (KIIFB’s) debut – the first sub-sovereign from India to issue a masala bond

  • Key transactions: In Q2 2019, we saw a number of key inaugural green and sustainability transactions including landmark issuances from Hong Kong and Chile – the first green sovereign bonds from Greater China and the Americas respectively

  • Case studies: Chile became the first issuer to list its bonds on the International Securities Market (ISM) as an Exempt OECD sovereign

  • An update on the International Securities Market (ISM): ISM continues to build momentum with £4bn raised this quarter. A new promotion allows for issuers to move or dual-list existing securities suitable exchanges to ISM

  • An overview of Prospectus Directive III which will come into effect on 21 July 2019 – you can find our regulatory update on Prospectus Directive III here
  • Events Calendar and Thought Leadership: A list of key conferences and LSEG events globally in Q3 and Q4, and recent presentations from LSEG to the Working Group on Risk-Free Rates in the UK on Sonia-term rates, as well as FTSE Russell’s launch of the world’s first climate risk sovereign bond index: FTSE Climate Risk-Adjusted WGBI

To find out more about London Stock Exchange's Debt Capital Markets you can contact the Fixed Income team at or 0207 797 3921.

Kind regards,

Darko Hajdukovic,
Head of Multi-Asset Primary Markets and Investment Funds

London Stock Exchange Group