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.

Highlights:

  • 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 bonds@lseg.com or 0207 797 3921.


Kind regards,

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

London Stock Exchange Group